Credit, collections & insolvency news
The Office for National Statistics (ONS) has reported that a record number of businesses closed across the UK last year, surpassing the ‘birth rate’ of new businesses. The research found that 345,000 businesses shut their doors in 2022, the highest figure since records began in 2002. Meanwhile, 337,000 new businesses started trading, down from the…
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New figures reveal that the number of pub and bar insolvencies has risen 66% in the last year according to latest data by UHY Hacker Young. The data show the number of pub and bar insolvencies increased from 438 to 725. The average draught beer prices have increased 9 per cent from £4.23 in January…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for October 2023 was 2,315, 18% higher than in the same month in the previous year (1,954 in October 2022). The business insolvencies consisted of 256 compulsory liquidations, 1,889 creditors’ voluntary liquidations (CVLs), 146 administrations, 23 company…
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Latest figures from Accountant in Bankruptcy (AiB) has shown that business insolvencies in Scotland increased. In October 2023 there were 99 business insolvencies registered in Scotland, 21% higher than the number in October 2022. The business insolvences comprised of 35 compulsory liquidations, 58 CVLs, four administrations and two CVAs. There were no receivership appointments.
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Latest monthly statistics from the Insolvency Service have indicated that business insolvencies significantly increased whilst personal insolvencies figures fell. In October 2023 there were 27 business insolvencies registered in Northern Ireland, 80% higher than October 2022. The business insolvencies comprised of 12 CVLs, 14 compulsory liquidations and one administration. There were no CVAs or receivership appointments. There…
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New research from leading global management consultancy Kearney has found that the number of zombie companies in the energy industry fell 13% in 2022, dropping from 3.9% in 2021 to 3.4%. This is despite a 5% increase in the global share of zombie companies across all industries. The OECD defines zombie companies as those that…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated business insolvencies in Quarter 3 (Q3) fell 1.8% on the previous quarter, The figures show between July and September 2023, there were 6,208 company insolvencies, made up of 4,965 creditors’ voluntary liquidations (CVLs), 735 compulsory liquidations, 466 administrations, 41 company voluntary arrangements…
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Latest quarterly statistics from Accountant in Bankruptcy (AiB) indicated that Scottish business insolvencies increased by 7%. In Quarter 3 (Q3), there were 296 total company insolvencies in Scotland, 7% higher than in the same quarter of 2022. The business insolvencies comprised 107 compulsory liquidations, 174 CVLs and 15 administrations. There were no CVAs or receivership…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased by 24% The figures in Quarter 3 (Q3) July to September 2023 showed 62 company insolvencies in Northern Ireland in Q3 2023, an increase of 24% from the same quarter of 2022. The business insolvencies comprised 30 compulsory liquidations, 23…
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The number of restaurant companies becoming insolvent has risen by nearly half in the past year according to research by Mazars. The analysis showed that the the total number of restaurants which closed had increased from 1,517 in 2021/22 to 2,214 in 2022/23, an increase of 46%. Mazars says that restaurant groups have relied on…
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RSM UK has predicted that insolvencies will continue to fall in the second half of the year, despite economic headwinds, with 5% fewer insolvencies in Q3. RSM’s Insolvency Predictor, which combines historic insolvency data with key economic indicators to accurately forecast insolvency trends, shows that overall business distress will reduce by 10% by the end…
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Latest figures from Accountant in Bankruptcy (AiB) has shown that business insolvencies in Scotland rose 19.9% in Quarter 2 (Q2) 2023-2024 when compared to pre-pandemic levels in 2019 and rose by 4.8% compared to the same period last year. Business insolvency numbers (liquidations and receiverships) increased by 4.8% compared with Q2 2022-2023, to a total…
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Allianz Trade has predicted that business insolvencies in the UK are set to increase in next few years. The report anticipates that business insolvencies in the UK will hover around 30% above pre-pandemic levels by 2025, with notable peaks expected in 2024 (29,850 cases i.e. +5%) and 2025 (28,400 cases i.e. -5%). The rise is…
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