Credit, Collections & Insolvency News
New data from Accountant in Bankruptcy (AiB) has revealed that business insolvencies jumped 19.7% in Quarter 1 (Q1) when compared to the same period last year. Sottish business insolvency numbers in Scotland also increased by 21.7% when compared to pre-pandemic levels in 2019. The number of business insolvencies (liquidations and receiverships) decreased by 15.6% compared…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for June 2023 was 2,163, this was 27% higher than in the same month in the previous year (1,698 in June 2022). The increase business insolvencies compared to the same month last year was mostly driven by…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvency numbers (liquidations and receiverships) have increased, In June 2023 there were 113 business insolvencies registered in Scotland, 51% higher than the number in June 2022. The business insolvencies comprised of 36 compulsory liquidations, 72 CVLs and five administrations. There were no receivership appointments…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies fall whilst personal insolvencies have risen In June 2023 there were 14 business insolvencies registered in Northern Ireland, 44% lower than June 2022. The business insolvencies comprised of 11 CVLs, two compulsory liquidations and one CVA. There were no administrations or receivership…
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In June the following administration notices have been issued and advertised in the London Gazette for the following companies: 1957 CAPITAL LTD 1957 HOLDINGS LTD ACORN COUNTRY CAPITAL LTD ACP LEISURE LTD ADASTRA ACCESS LTD AGE CHECK CERTIFICATION SERVICES LTD ALL IN BLACK LTD ALW GROUP (UK) LTD ASPIRE-IGEN GROUP LTD ASSET REMARKETING SERVICES LTD…
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In June Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 20190221 LTD 234567 LTD 24 HRS STEEL LTD 84 WEST LTD 99 HIPPOS LTD A J DAVIES & SONS LTD A.L. MEDICAL LTD ABELIAN DESIGN LTD ABERYSTWYTH MARINA LTD ABPN CONSTRUCTION LTD ACEPOINT SOLUTIONS LTD ACIUS…
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The Insolvency Service has launched a new online information hub to support company directors. The hub hosts guidance and information on a range of business themes commonly faced by companies and aims to help company directors to push their business forward by being more aware of potential pitfalls. It is specifically designed for directors of micro,…
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Research analysis by Price Bailey shows that restaurants closed at their highest rate in a decade in the first three months of the year. A total of 569 restaurant businesses filed for insolvency in Q1, an average of 5.6 per day. The Quarter 1 data shows that over the last 12 months, 2,028 restaurants have…
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Acquisitions that go wrong are a top cause of business insolvency, according to Purbeck Personal Guarantee Insurance. Purbeck says an over-reliance on accountants, and bad debts or payment disputes, were also major reasons why business owner’s dreams ended in a nightmare. Firms window dressing their business to make it appear more secure than it actually is…
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The number of retail business insolvencies jumped 56% in the past year, to hit the highest levels in at least a decade – 1,942 in 2022/23, up from 1,243 in 2021/22 shows new research from international law firm RPC. Despite the challenges faced by the sector, the insolvency of financially weaker retail businesses is creating…
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As the outlook for the UK economy continues to remain uncertain, business owners’ fears over insolvency have dropped considerably according to research by Evelyn Partners. The research finds that just under one in three (32%) UK businesses surveyed acknowledge there is a risk that they will become insolvent in the next 12 months. While a…
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Pubs are closing at the quickest pace in a decade, according to analysis by Price Bailey which shows 620 shut in the year to the end of March. The rate of closures, marks a 68% increase from the 369 failures in the same period last year. In the first three months of 2023, 200 pub…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for May 2023 was 2,552, 40% higher than in the same month in the previous year (1,825 in May 2022). Th figures were at higher than levels seen while the Government support measures were in place in…
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