Credit, collections & insolvency news
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England and Wales was 1,747 in October 2024, 10% lower than in September 2024 (1,950) and 24% lower than the same month in the previous year. The business insolvencies figures consisted of 188 compulsory liquidations, 1,445 creditors’ voluntary liquidations (CVLs), 100…
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Research by Forvis Mazars has found that insolvencies of logistics companies’ have risen 14% in the past year, from 464 in 2022/23 to 530 in 2023/24. Many logistics businesses were set up during the pandemic to meet the sudden rise in demand for home delivery. As this surge in demand reversed, some of these companies…
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Business insolvency levels rose by 10.6% year-on-year in Scotland in Quarter 2 according to new statistics from Accountant in Bankruptcy to a total of 313. Iain Fraser, Chair of the Scottish Technical Committee at R3, the UK’s insolvency and restructuring trade body, and a Partner at FRP Advisory, said: “Despite the increase in corporate insolvencies, Scotland’s…
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Latest figures from the Insolvency Service have shown that there were 1,973 business insolvencies in September a decrease of 7.4% when compared to August’s total of 1,943. The business insolvencies consisted of 226 compulsory liquidations, 1,575 creditors’ voluntary liquidations (CVLs), 155 administrations and 17 company voluntary arrangements (CVAs). CVLs accounted for 80% of all company insolvencies. The…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies fell by 9% in August 2024. In August 2024 there were 102 business insolvencies registered in Scotland, this was 9% lower than the number in August 2023. The total number of business insolvencies was comprised of 56 CVLs, 42 compulsory liquidations, two administrations…
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Latest figures from the Insolvency Service have shown that there were 2,191 business insolvencies in England & Wales in July 2024, 7.3% lower than in June 2024 (2,363) but 15.9% higher than the same month in the previous year (1,890 in July 2023). The insolvencies consisted of 320 compulsory liquidations, the highest monthly number since…
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A new study from AptPay has revealed the most common types of companies going bust. The study analysed data from Companies House based on each business’s primary nature of business, using the Standard Industrial Classification (SIC) code they registered under. The research revealed that businesses dealing with the development of building projects (41100) are the…
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Latest figures from the Insolvency Service have shown that there were 2,361 business insolvencies in England & Wales in June 2024, 16% higher than in May 2024 (2,040) and 17% higher than the same month in the previous year (2,016 in June 2023). The insolvencies consisted of 302 compulsory liquidations, 1,866 creditors’ voluntary liquidations (CVLs),…
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Latest figures from the Insolvency Service have shown that there were 2,006 business insolvencies in England & Wales in May 2024, a decrease of 6% when compared to April 2024 figures (2,144) and 21% lower than the same month in the previous year. The business consisted of 271 compulsory liquidations, 1,590 creditors’ voluntary liquidations (CVLs),…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in April 2024, increased by 18.4% than in March 2024 (1,838) and 5.4% higher than the same month in the previous year (2,193 in March 2023). The number of registered business insolvencies totalled 2,177. The business insolvencies…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in March 2024, was 17% lower than in February 2024 (2,177) and 17% lower than the same month in the previous year (2,193 in March 2023). The number of registered business insolvencies totalled 1,815 with insolvencies comprising…
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Wylie & Bisset, Accountants and Business Advisers, is forecasting an explosion in the number of winding up orders and company insolvencies as HMRC tackles a massive backlog of debt by enlisting private debt collectors to pursue billions of pounds in unpaid taxes. Under Chancellor Jeremy Hunt’s proposals, as part of a major crackdown spearheaded by…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in February 2024 totalled 2,102, this was 17% higher than in the same month in the previous year (1,801 in February 2023). Of the 2,102 registered business insolvencies 1,707 CVLs, which is 12% higher than in February…
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