The Insolvency Service has published its latest England & Wales insolvency statistics for Q3 2019 (July-September) indicating that underlying corporate insolvencies (seasonally adjusted) rose by 0.4% in Q3 2019 compared to Q2 2019, and rose by 1.6% compared to Q3 2018. There were 4,355 total company insolvencies in England and Wales which was 0.4 per…

Professional services insolvency consultancy Begbies Traynor has acquired London-based insolvency and business recovery practice Alexander Lawson Jacobs (ALJ) for an initial consideration of £2.35m. Begbies said the acquisition of ALJ, a well-established firm ranked as a top 20 UK insolvency practice, was in line with its strategy to increase the scale and market share of…

FundingSecure, a regulated Peer-to Peer (P2P) firm, has been placed into administration and has appointed CG Recovery as administrators. Funding Secure operates a P2P lending platform through a website facilitating crowdfunded loans which are used to fund the purchase and development of property, as well as pawn-broking style loans secured on items of value. In…

Accountant in Bankruptcy (AiB) has released official statistics reporting company insolvencies in Scotland for the second quarter (July to September 2019) of 2019-20. The number of Scottish registered companies becoming insolvent or entering receivership increased slightly in the second quarter of 2019-20, with 235 companies becoming insolvent compared with 232 in the same quarter of…

International accounting and advisory firm Mazars has published a study canvassing public opinion on the UK economy and the audit system The study indicates that the public strongly supports audit reform, with nearly two-thirds (62%) stating that they don’t have trust in the current audit system to provide independent and accurate assessments of a company’s…

Ofgem is proposing new reforms for existing suppliers to drive up customer service standards, reduce the risk of energy supplier failure and strengthen the safety net. Increased competition in the retail market has benefitted consumers with cheaper deals, put pressure on incumbent suppliers to improve their customer service offering and brought in new and innovative…

Ofgem has appointed Total Gas and Power to take on supplying Rutherford Energy Supply Limited’s (trading as Uttily Energy) 280 business customers. This follows an appointment process run by Ofgem to get the best deal possible for customers. For existing customers, energy supplies will continue as normal as they switch over to Total Gas and…

681,000 UK individuals and businesses are so far behind on their tax bills that they have been forced to reschedule their payments with HMRC, research UHY Hacker Young shows. Taxpayers are able to reschedule their tax payments with HMRC by agreeing ‘time to pay’ arrangements. These allow taxpayers to pay their taxes over a longer…

The Federation of Small Business (FSB) is calling on Sajid Javid to bring forward radical interventions to address an unprecedented long-term slump in small business confidence, slowing economic growth and a widening trade deficit when he publishes the 2019 Autumn Budget on 6th November. Writing to the Chancellor, the group calls for a major reduction…

New research from Begbies Traynor has revealed that numbers of businesses in significant1 financial distress has increased 40% in the three years since the EU referendum, affecting 489,000 UK businesses with the real estate and property, construction, retail and travel sectors the most severely affected. The latest data for Q3 2019 found that a large…