Businesses must take measures to protect themselves from the impact of unpaid bills as global insolvency rates are forecast to surge according to trade credit insurer Atradius. The company’s Insolvency Forecast reveals the likely extent of business failures in the wake of the coronavirus pandemic. Entitled ‘2021: A turn of the tide in insolvencies’, the…

Business advisory group Azets has announced that it has acquired Moore South’s Restructuring and Insolvency practice Moore South’s R&I team, headed up by Duncan Swift and Chris Tate, consists of licenced insolvency practitioners and restructuring specialists covering Southern England from Azets’ Southampton office as well as its offices in Bournemouth, Fareham, Havant, Portsmouth, Romsey and…

Latest figures from the Centre for Retail Research figures have shown that almost 190,000 jobs have been lost in the retail sector since shops were forced to close under the first coronavirus lockdown in March 2020. The analysis shows that between 23rd March last year and 31st March this year, that 188,685 retail jobs have…

The Insolvency Service has launched new guidance for Official Receivers and has made it available for the wider insolvency profession. As part of efforts to increase support and share knowledge with the insolvency profession, the Insolvency Service has published brand new guidance for Official Receivers when acting as Liquidator or Trustee. Following feedback from stakeholders…

The Government has announced that it will extend a number of temporary measures brought in by the Corporate Insolvency and Governance (CIG) Act, which were due to expire on 30th April until the end of June. The measures being extended till the end of June 2021: Statutory demands and winding-up petitions will continue to be…

A new report from the insurance provider Simply Business suggests the cost of the coronavirus pandemic to SMEs is set to exceed £126.6 billion, nearly double the £69 billion initially projected a year ago. The study revealed that on average, SMEs have lost £15,673 each so far in earnings due to the pandemic and subsequent…

The Government has confirmed the passing of new legislation on pre-pack administrations. The new pre-pack legislation will take effect from the end of April 2021, introduces mandatory independent scrutiny of pre-pack administration sales where connected parties are involved. Under it, an administrator will be unable to make a ‘substantial disposal’ of company property (including hiring…

Insolvency practices Peter Hall, Benedict Mackenzie, and PCR LLP have announced that they have merged to create a new practitioner group. The merger of three companies has created a new professional services practice, SKSi. The company says that as a professional services company, SKSi will provide insight and advice to guide businesses through the everchanging…

The Insolvency Service has published its latest figures which indicates personal insolvencies in England & Wales corporate business insolvencies fell by 9% to 686 in February 2021 compared to January’s figure of 754, and were 49% lower than February 2020’s figure of 1,348. The number of registered company insolvencies in February 2021 was 49% lower…

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