Credit, Collections & Insolvency News
Latest quarterly figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales, fell by 0.9% compared to Quarter 2s (Q2) figures of 5,645 and a 40.3% increase compared to Q3 2021 (3,987). Q3 2022’s figures were also 27.9% higher than Q3 2019’s figure of 4,375. The number of…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies increased in Quarter 3 (Q3) of 2022. The figures showed that there were 50 business insolvencies in Q3 2022, an increase of 47% from the same quarter of 2021. The business insolvencies comprised 38 CVLs, five compulsory liquidations,…
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New research from Allianz has found that the rebound in global business insolvencies is already a reality with insolvencies set to rise 10% in 2022 and they predict to rise a further 19% in 2023. Allianz says that 2023 will see a catch up with pre-pandemic levels by the end of next year. High energy…
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The number of Scottish companies entering insolvency increased during the third quarter of 2022 according to new analysis of the Accountant in Bankruptcy (AiB) data by Gilson Gray. The Scottish figures reflect the UK market generally, with 265 UK companies going into administration between July and September, up from 176 during the same period in…
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Analysis by Mazars has found that energy providers have forced 20 businesses to close over unpaid energy bills in the last four months. This marks a 186% increase on the same period last year. If an energy firm is owed money by a commercial customer, they can use a “winding up petition” to close the…
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A dramatic spike in company insolvencies in England & Wales is the start, not the peak, of more mid-market business fatalities according to a prediction by Azets. Latest statistics released by The Insolvency Service show the annual rate of company insolvencies in England & Wales is now the highest it has been in eight years.…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 16% in September when compared to the same month in the previous year (1,453 in September 2021), and 11% higher than the number registered three years previously (pre-pandemic; 1,508 in September 2019). In September 2022…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in September. The figures showed that there were 103 company insolvencies registered in Scotland, 47% higher than the number in September 2021 and 36% higher than in September 2019. This was comprised of 25 compulsory liquidations,…
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The number of companies filing for administration jumped 50% in the third quarter of 2022, as economic headwinds continued to buffet businesses the length and breadth of Britain according to analysis by Interpath Advisory The research found that August (traditionally the quietest month for insolvency. appointments) saw the highest monthly number of administrations since March…
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New analysis of insolvency statistics has indicated that the HMRC is becoming increasingly aggressive when it comes to issuing Winding Up Petitions according to ReSolve. Winding Up Petitions are a tactic of last resort to claim back monies owed and could be seen as a draconian move, giving businesses a short period to repay debts…
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Total business insolvencies in England and Wales in the second quarter of 2022 hit their highest quarterly level since 2009 at 5,629. According to latest ONS data, although insolvencies decreased in 2020 thanks to government support packages, Creditors’ Voluntary Liquidations (CVLs) have hit a new high. CVLs accounted for 89% of all company insolvencies in…
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The Insolvency Steering Group has announced that it has appointed diversity and 19 inclusion champions. Supported by R3 and the Insolvency Service, the new champions hail from organisations across the insolvency and restructuring landscape, from insolvency practitioner firms and legal practices to regulatory bodies. Together they will act as role models and will have an…
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In September the following administration notices have been issued and advertised in the London Gazette for the following companies: 21K FOOTWEAR LTD 4 EARTH INTELLIGENCE LTD ADMIN ALL RETAIL LTD ARENA TOURS LTD ARJOWIGGINS CHARTHAM MILL LTD ARJOWIGGINS TRANSLUCENT PAPERS LTD ARRIVAL SERVICES LTD AURORA PROJECTS (UK) LTD AVONSIDE GROUP SERVICES LTD AVONSIDE ROOFING LTD…
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