Credit, Collections & Insolvency News
New figures from the Registry Trust have revealed that the number of decrees and the value of debt registered in Scotland have seen an increase in Q2 2022 as compared to the same period last year. The total number of decrees increased from 4,356 in Q2 2021 to 5,351 in Q2 2022, an increase of…
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The Insolvency Service has used its new powers to investigate and sanction directors who dissolved their companies to avoid repaying bounceback loans. The Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government-backed loans. The crackdown has seen…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased by 49.1% in Quarter 1 (Q1) compared with Q1 2021-2022. The number of corporate insolvencies (liquidations and receiverships) in Scotland for Q1 2022 rose by 1.3% compared with the previous quarter (January-March 2022). Richard Bathgate, Chair…
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Leonard Curtis Legal (LCL), a division of Leonard Curtis Group, has expanded its restructuring and insolvency expertise in London with the appointment of solicitor Layla Taylor. Taylor brings significant experience to the growing London team with a view to supporting the expansion of services. She joins LCL at an exciting time of business growth, with…
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A shortage of workers and surging inflation are pushing more restaurants into insolvency with the number jumping by more than 60% in the past year according to new data from UHY Hacker Young. The data analysis shows that 1,406 restaurants in the UK closed their doors in the 12 months to May, up 64% (856)…
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More than 620 businesses filed for administration in the first six months of the year – a 60% increase compared to 2021, according to analysis by full-service law firm Shakespeare Martineau. Construction, manufacturing and retail were the sectors worst hit, accounting for 40% of administrations. Greater London led the way with 22% of the filings,…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 7.2% in June 2022 to a total of 1,691 compared to May’s total of 1,822, but were still 40.1% higher compared to June 2021’s figure of 1,207. Of the 1,691 registered company insolvencies in June 2022…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland were stable in June 2022. In June 2022 there were 76 business insolvencies registered in Scotland, equal to the number in June 2021 but 12% higher than in June 2019. The insolvencies comprised of eight compulsory liquidations,…
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The latest statistics from the Insolvency Service indicate that Northern Irish business insolvencies and personal insolvency figures fell in the latest monthly statistics round-up for June. The figures showed that there were 26 company insolvencies registered in Northern Ireland, 2.4 times as many as in June 2021, but 10% lower than June 2019. The insolvencies…
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Business insolvencies have jumped 70%, from 11,261 to 19,191 in the last year according to analysis by international audit, tax and advisory firm Mazars. The company says the highest interest rates in 13 years have made businesses’ debts more expensive to service and has led to an even greater number of indebted businesses falling into…
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The number of housebuilders going bust surged to a record quarterly high in Q1 2022 (117), jeopardising the much-needed supply of new homes, according to data obtained by Price Bailey. According to data obtained from the Insolvency Service under the Freedom of Information Act, a record 360 housebuilders went bust in 2021/22 (year ending 31st…
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Interpath Advisory has announced the appointment of two new directors to its Debt Advisory and Transaction Services teams as it continues to build out and grow its suite of advisory services. Louise O’Sullivan joins Interpath with over 14 years’ of banking and advisory experience. Prior to joining Interpath, she spent seven years in PwC’s debt…
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EY has continued to expand its UK partnership with the promotion of 75 Equity Partners and 45 external hires – its largest-ever cohort of Equity Partners in the UK. This builds on two years of strong growth, following the appointment of 103 Equity Partners in 2021. The new appointments reflect the firm’s increased investment in…
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