The Office for National Statistics (ONS) latest results of its Business Impact of Coronavirus Survey have found that that two-thirds of businesses currently trading have a ‘low to severe risk’ of insolvency. The ONS analysis shows that 64% of businesses are at risk of insolvency, with 43% running on less than six months’ cash reserves.…

A change to business rates, and targeted support to industries most in need, will help limit the economic damage caused by the pandemic according to chartered accountancy body ICAEW. The results of a survey to ICAEW members, found that a third of businesses would need government support over the next six months – and some…

Fundamental risks to business continuity as a result of the pandemic mean that an estimated 193 airports face insolvency in the coming months if passenger traffic does not start to recover by the year end according to new research by ACI Europe. These airports between them facilitate 277 thousand jobs and €12.4 billion of European…

The Institute of Directors (IoD) has called on the Government to extend a relaxation of insolvency rules granted to directors during the onset of the COVID-19 pandemic. The IoD is urging Government to reinstate key insolvency protection for company directors, to prevent a sharp rise in insolvencies as restrictions come into place across the country.…

Latest figures from HM Treasury have revealed that the UK’s banking and finance industry has supported over 1.4 million businesses across the country through government-backed Coronavirus lending schemes. Lenders have approved over 73,000 facilities through the CBIL scheme and over 1.3 million business owners have benefited from the Bounce Back Loan scheme. For larger businesses,…

Business leaders fear a potential double hit from the Covid-19 pandemic and no deal, new figures from the Institute of Directors (IOD) reveal. In a survey of almost a thousand company directors conducted in late September, the majority said that the pandemic would magnify the impact of a no-deal Brexit on their organisation, while less…

Shop closures have hit record levels with over twice as many net store closures in the first half of 2020 in comparison to last year, according to research by the Local Data Company and PwC UK.  The data shows that 11,120 chain operator outlets have closed this year so far, with 5,119 shops opening, creating…

Under new proposals being drawn up by the government, large companies could now face fines or court orders if they fail to pay their smaller suppliers on time. However, according to Know-it, a cloud-based credit management platform, while the changes are welcome and will provide the small and medium-sized enterprise (SME) sector with some much-needed…

The Insolvency Service has published its latest figures which indicate that in September 2020 Scottish company insolvencies decreased by 43% when compared to September 2019. Business insolvencies comprised of 12 compulsory liquidations, 22 CVLs and 9 administrations. There were no company voluntary arrangements or receivership appointments. Historically the volume of company insolvencies in Scotland have been…

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