Credit, Collections & Insolvency News
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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London and Leeds-based insolvency and restructuring firm, PKF GM, has appointed Dawn McMullan to support the firm’s personal and contentious insolvency teams and build upon the business’ successes in 2023. McMullan joins PKF GM with 17 years’ of experience working within commercial, personal and contentious insolvency practices, during which time she rose from a temporary…
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The Lord Chancellor has approved the reappointment of Alison Curry as the accountant member of the Insolvency Rules Committee (IRC). Curry is a licensed insolvency practitioner with 28 years of experience working within both private practice and the regulatory arena. She is currently Technical Manager at AlixPartners, where she provides legislative and regulatory compliance support…
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Leonard Curtis has added an experienced Insolvency Practitioner to its Manchester office. The firm’s newest senior recruit Andrew Knowles joins Leonard Curtis as a Director, bringing 20 years of restructuring and insolvency experience to the Manchester team. Knowles qualified as a licensed Insolvency Practitioner in 2013 with sector experience focused on the real estate and…
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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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