Credit, Collections & Insolvency News
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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Sheffield insolvency and business turnaround practice Graywoods has officially changed its name following its acquisition by the national Leonard Curtis group. Graywoods was founded by Adrian Graham and Deborah Lockwood, who have worked together since 1999. It will continue to operate from its office in Sheffield’s city centre’s Fountain Precinct but will now be known…
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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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ICAEW has announced that Alan Vallance has been appointed as its new Chief Executive. Vallance is expected to take up the role in Spring 2024. He will succeed Michael Izza, who has been Chief Executive of the Institute since 2006. Izza announced in March his intention to retire from ICAEW by the end of this…
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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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Wales has seen the biggest increase in distressed companies of any part of the UK, according to new research by The Institute for Turnaround (IFT). The IFT’s latest Societal Impact Report shows that the number of struggling companies has risen in every area of the UK over the past year, apart from the Isle of…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvency numbers (liquidations and receiverships) decreased in September. The figures showed that. in September 2023 there were 87 business insolvencies registered in Scotland, which was 16% lower than the number in September 2022. The insolvencies comprised of 30 compulsory liquidations, 52 CVLs and five…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies have risen. In September 2023 there were 37 business insolvencies registered in Northern Ireland, 68% higher than September 2022. The business insolvencies comprised of nine CVLs, 25 compulsory liquidations, one administration and two CVAs. There were no receivership appointments. In September 2023…
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