Credit, Collections & Insolvency News
Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies personal insolvencies have fallen. In April 2023 there were eight company insolvencies registered in Northern Ireland, this was 38% lower than April 2022. The business insolvencies comprised of four CVLs, two compulsory liquidations and two administrations. There were no CVAs or receivership appointments.…
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Investigations launched by the Insolvency Service into directors of insolvent companies for alleged misconduct have risen 36% from an average 142 per month in 2021/22 to an average of 193 per month between April 1 and December 31 2022, shows data from international law firm, RPC. The increase in investigations is partly driven by insolvency…
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In April the following administration notices have been issued and advertised in the London Gazette for the following companies: 360 PERSONNEL LTD A MARKETING VOCATION LTD ALLENS CRANKSHAFTS LTD ALPHABET BREWING LTD AMSYS AFTERMARKET SERVICES LTD AMSYS LTD ASSET ACADEMY LTD B B & M (MIDLAND) LTD BAGSHOT MANOR DEVELOPMENTS LTD BAS CASTINGS LTD BIO-BEAN…
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Latest quarterly figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 4% but rose 18% year-on-year in Quarter 1 (Q1) when compared to Q1 2022. The figures show between 1 January and 31 March 2023, there were 5,747 company insolvencies made up of 4,739 creditors’…
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Latest quarterly statistics have indicated that Scottish business insolvencies increased whilst personal insolvencies remained static in Quarter 1 (Q1) of 2023. The figures showed that there were 297 total business insolvencies in Scotland in Q1, 41% higher than in the same quarter of 2022. These business insolvencies comprised 113 compulsory liquidations, 176 CVLs, seven administrations…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies decreased in Quarter 1 (Q1) of 2023. The figures showed that there were 40 business insolvencies in Northern Ireland in Q1 2023, a decrease of 29% from the same quarter of 2021. The insolvencies comprised 28 CVLs, four…
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New data analysis has revealed that over half a million UK businesses dissolved in 2022. The research from NerdWallet showed that 534,777 businesses dissolved in the 12 months of 2022 with the year seeing the second-highest number of business closures in a decade. The figure companies with 601,773 dissolved companies in 2021 as a result of…
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Alternative lender, ThinCats is forecasting a rise in business insolvencies during 2023 as the effects of pandemic support programmes dwindle and more recent economic challenges take precedence. ThinCats expects current high demand for funding to continue in support of businesses seeking to grow organically or through acquisition. The data found that insolvency rates among mid-sized…
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Two separate company directors who dissolved their businesses to take covid loan scheme money have received a combined ban of 22 years from the Insolvency Service. A takeaway owner from Oldham and company director from Kings Langley in Hertfordshire falsely claimed Bounce Back Loans totalling around £69,000 before dissolving their companies. Rukia Begum, from Oldham,…
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A total of 1,340 businesses filed for administration in 2022, a 56% 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 39% of administrations. Greater London led the way with 20% of the filings, followed by the South East and…
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Retail experts at business advisory firm Quantuma has estimated that business failures in the retail sector could spike by as much as 71% in 2023. The Centre for Retail Research reported that in the first month of 2023 alone, seven retailers failed, impacted 361 stores and putting at risk 3,215 jobs. Quantuma Chief Executive, Carl…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales rose by 6.6% in January 2023. The number of registered business insolvencies in January 2023 was 1,671 was 6.6% higher than in the same month in the previous year (1,567 in January 2022), and 11% higher than…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland nearly doubled in January 2023. The figures showed that there were 109 company insolvencies registered in Scotland, 114% (2.1 times) higher than the number in January 2022 and 51% higher than in January 2020. This business insolvencies…
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