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Today’s news in brief – 14/11/2023

Corporate insolvencies in October 2023 have increased by 17.6% to 2,315, surpassing both September and October 2022’s figures. The Insolvency Service notes this rise occurred despite prior government support measures during the pandemic. The breakdown includes 256 compulsory liquidations, 1,889 creditors’ voluntary liquidations (CVLs), 146 administrations, 23 company voluntary arrangements (CVAs), and one receivership. Meanwhile, individual insolvencies totaled 9,881, 6% lower than October 2022, with 703 bankruptcies, 3,245 debt relief orders (DROs), and 5,933 individual voluntary arrangements (IVAs).

Interpath Advisory’s Blair Nimmo and Alistair McAlinden have been appointed provisional liquidators for Tots Bots, a Glasgow-based reusable nappy manufacturer. The group ceased trading due to challenging conditions, making its 47 employees redundant. Interpath aims to realise the company’s assets, including stock and intellectual property. The liquidators prioritise employee support and engagement with Skills Development Scotland’s assistance. Tots Bots faced rising costs and fragile consumer confidence, leading directors to seek liquidation despite efforts to secure funding and review strategic options.

Accountancy firm Rennie Welch LLP has announced the promotion of Lynn Miller and Ross Tinlin to associate roles. Both completed Rennie Welch’s associate program, initiated in 2021 to foster internal talent. Miller, a taxation specialist, joined in 2014, while Tinlin, focusing on company and charity accounts, has been with the firm since 2002. The promotions align with Rennie Welch’s commitment to developing in-house talent. Gordon Chisholm, managing partner, congratulates them and anticipates their continued progress within the firm.

Glasgow-based Consilium Chartered Accountants has announced internal promotions within its senior management team. Paul Donnelly and Duncan McKellar become associate directors in the tax department. Martin Kerr, former accounts and business services manager, is promoted to associate director, overseeing an increased client portfolio and cloud accounting services. Colin McCrann is promoted to manager in corporate finance, focusing on Consilium’s transaction services. Emma Mathieson and Connor Boyd take up roles as audit supervisors. Founding partner David Holt acknowledges the team’s dedication and commitment to the firm’s growth over the past decade.

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