Credit, collections & insolvency news
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for October 2023 was 2,315, 18% higher than in the same month in the previous year (1,954 in October 2022). The business insolvencies consisted of 256 compulsory liquidations, 1,889 creditors’ voluntary liquidations (CVLs), 146 administrations, 23 company…
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Latest monthly statistics from the Insolvency Service have indicated that business insolvencies significantly increased whilst personal insolvencies figures fell. In October 2023 there were 27 business insolvencies registered in Northern Ireland, 80% higher than October 2022. The business insolvencies comprised of 12 CVLs, 14 compulsory liquidations and one administration. There were no CVAs or receivership appointments. There…
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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 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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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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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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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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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for September 2023 increased by 17% when compared to last year. The number of registered business insolvencies was 1,967, compared to 1,688 in September 2022. Of the registered business insolvencies in September 2023 there were 1,576 CVLs,…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for August 2023 increased by 19% (2,308) 19% higher than in the same month in the previous year (1,941 in August 2022). Business insolvencies increased by 33.6% in August 2023 to a total of 2,308 when compared…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies have risen whilst business insolvency figures fell. In August 2023 there were 139 personal insolvencies in Northern Ireland, which was 11% higher than in August 2022. The insolvencies consisted of 108 IVAs, 14 DROs and 17 bankruptcies. Business insolvencies registered in…
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Around 7,000 UK businesses are likely to go insolvent every quarter in 2024 as high interest rates cause financial strain and the UK economy enters recession, according to a new report from The Centre for Economics and Business Research (Cebr). Cebr research showed that were over 6,700 business insolvencies in Britain in Quarter 2 2023,…
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