Credit, Collections & Insolvency News
In January Winding Up Petitions (Companies) were issued and advertised in the London Gazette for the following companies: 12 LOUND SIDE LTD 122 OLD HALL STREET LTD 247 IT INTERNATIONAL LTD 3ANGELS HEALTHCARE PROFESSIONAL LTD 50 BROOK STREET LTD 555 LIVERPOOL LTD A L TYRES (HINCKLEY) LTD A&S COMPLETE ENVELOPES LTD ABACUS LAW (MANCHESTER) LLP…
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The Centre for Economics and Business Research (CEBR) has forecasted an increase in business insolvencies from 28,000 to 33,000 after industry data revealed levels had risen faster than expected in the last quarter of 2023. In September last year, CEBR predicted that we would see 7,000 companies going insolvent each quarter in the UK in…
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Latest analysis by the Insolvency Service found that companies in the construction sector faced the most insolvencies last year. The five industries (in accordance with SIC 2007) that experienced the highest number of insolvencies in 2023 were Construction (4,371, 18% of cases with industry captured). This was followed by Wholesale and retail trade; repair of motor…
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Annual figures from the Insolvency Service for England & Wales have shown that total number of business insolvencies registered in 2023 was 25,158 which was the highest number since 1993 and 14% higher than in 2022. The business insolvencies, comprised of 20,577 creditors’ voluntary liquidations (CVLs), 2,827 compulsory liquidations, 1,567 administrations, 185 company voluntary arrangements…
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Latest quarterly figures from the Insolvency Service for England & Wales have revealed the highest quarterly number of Creditors’ Voluntary Liquidations (CVLs) since the start of the time series in 1960, and a 14% increase in business failures in 2023 compared to 2022. Between 1st October and 31st December 2023 (Q4 2023), there were 6,788 business…
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Latest quarterly statistics from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvencies remained stable with only one insolvency more than the equivalent quarter of 2022. In Quarter 4 (Q4) 2023, there were 314 total business insolvencies in Scotland. The insolvencies comprised 105 compulsory liquidations, 196 CVLs, 12 administrations and one CVA. There were no…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased by 62% from the same quarter of 2022. The figures showed that there were 81 business insolvencies in Northern Ireland in Quarter 4 (Q4) 2023. The insolvencies comprised 33 compulsory liquidations, 38 CVLs, three CVAs and seven administrations. There were no…
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Latest data analysis by Mazars has found that on average a dozen construction firms are going bust every day after 4,370 firms collapsed last year. In the year to the end of November, 4,370 companies went insolvent compared to 4,086 in 2021/22 and 2,481 in 2020/21. This reflected a 7% increase in insolvencies from 2021/22…
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Latest figures from Accountant in Bankruptcy (AiB) have revealed that business insolvencies in Scotland rose by 7.3% compared with Quarter 3 (Q3) 2022-2023, to a total of 292. Business insolvencies (liquidations and receiverships) in Scotland for Q3 2023-2024 increased by 3.2% compared with the previous quarter’s total of 283 (July-September 2023). Richard Bathgate, Scotland Chair…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in December 2023 was 2,002, 2% higher than in the same month in the previous year (1,965 in December 2022). The business insolvencies consisted of 153 compulsory liquidations, 1,731 creditors’ voluntary liquidations (CVLs), 103 administrations and 15…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland fell by 5%. In December 2023 there were 108 business insolvencies registered in Scotland, 5% lower than the number in December 2022. The insolvencies comprised of 40 compulsory liquidations, 65 CVLs and three administrations. There were no CVAs or receivership appointments.
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies increased whilst personal insolvencies fell in Northern Ireland in December 2023. The data showed that there were 25 business insolvencies registered in Northern Ireland, this was 67% higher than December 2022. The insolvencies comprised of 17 CVLs, six compulsory liquidations, one CVA and…
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PwC Economists have issued a stark warning predicting that nearly 30,000 businesses in the UK will collapse under the weight of high interest rates in 2024. The research says company insolvencies will surge by 15% in the next 12 months as corporations and small businesses struggle to meet the repayments on debts run up to…
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