Credit, collections & insolvency news
Business recovery group Begbies Traynor has warned that the number of zombie companies is set to reach a record high. Zombie firms are usually defined as low-growth or heavily-indebted firms barely able to cover interest payments on company debt. Companies are also grappling with soaring energy bills, diminishing consumer confidence and supply chain shocks caused…
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Business advisory firm, Quantuma, has announced that it has partnered with the UK’s first corporate credit ratings advisory service, Lightbulb Credit, to expand the range of support it can offer to the professional advisory community and their clients across the UK. Lightbulb is the UK’s only advisor offering businesses the opportunity to review, better understand,…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased increased by 79.2% compared to May 2021’s figure of 1,014 but dereased by 8.9% in May 2022 to a total of 1,817 compared to April’s total of 1,995. Of the 1,817 registered company insolvencies in May…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in May by 82% In May 2022 there were 93 company insolvencies registered in Scotland, 82% higher than May 2021 and 19% higher than in May 2019. This was comprised of 19 compulsory liquidations, 68 CVLs, and…
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A poll by PayPal UK saw two-thirds of SME bosses who have been running their business since before the pandemic say the last two years have been the most challenging for their business. Almost half (47%) fear that the next 12 months could prove even more difficult, with 12% saying there is a strong possibility…
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The Government has announced that it will revamp the UK’s corporate reporting and audit regime through a new regulator, with the aim of providing greater accountability for big business and addressing the dominance of the main audit firms. The Business Secretary announced the plans to provide a new effective corporate reporting and audits to ensure…
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Allianz Trade has predicted that business insolvencies will rise by 37% this year with the UK is set to become the first big European economy to reach pre-pandemic levels of corporate insolvencies. The research suggests the surge in insolvencies will be driven by the withdrawal of Covid support schemes, rising commodity prices, supply chain disruption,…
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Knights has announced that it has agreed to acquire Coffin Mew, a leading independent law firm in the South East. With a 130 year history operating in the South East of England, Coffin Mew is a leading independent law firm based primarily in Portsmouth with offices in Southampton, Brighton and Newbury. The acquisition brings 102…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in April. In April 2022 there were 92 company insolvencies registered in Scotland, 142% (2.4 times) higher than April 2021 but 10% lower than in April 2019. The insolvencies comprised of 17 compulsory liquidations, 73 CVLs,…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased whilst personal insolvency figures declined in the latest monthly figures round-up for April. In April 2022 there were 13 company insolvencies registered in Northern Ireland, 2.6 times as many as in April 2021, but 32% lower than April 2019. This was…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 6% in April 2022 to a total of 1,991 compared to March’s total of 2,119, and increased by 115.2% compared to April 2021’s figure of 925. Business insolvencies were more than double the number registered in…
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Latest quarterly statistics from the Insolvency Service have shown that Northern Irish business insolvencies increased by 273% whilst personal insolvency figures also rose slightly. The figures indicated that there were 56 company insolvencies in Northern Ireland in Quarter 1 2022 (Q1), nearly four times higher (an increase of 273%) than in the same quarter of…
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Latest quarterly figures from the Insolvency Service have indicated that the number of business insolvencies in England & Wales rose to its highest levels since 2012. The figures show that there were 4,896 company insolvencies registered in Q1 2022, 6% higher than the number of company insolvencies registered in the previous quarter and more than double…
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