Credit, Collections & Insolvency News
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…
Read more
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),…
Read more
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),…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
Business insolvencies in the UK could increase by 10% this year, according to research by Allianz. The insurer’s global insolvency outlook revealed that 15% of small and medium-sized businesses in the UK are at risk of going bust, the highest proportion in Europe. This is compared to 14% in France, 9% in Italy, and 7%…
Read more
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in January 2024 was 1,769, 5% higher than in the same month in the previous year (1,685 in January 2023). Of the 1,769 registered company insolvencies in January 2024, 1,294 CVLs, which is 6% lower than in…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland fell by 19%. In January 2024 there were 88 business insolvencies registered in Scotland, 19% lower than the number in January 2023. The business insolvencies comprised of 34 compulsory liquidations, 46 CVLs, seven administrations and one CVA. There were no receivership appointments.
Read more
The Centre for Economics and Business Research (CEBR) has forecasted an increase in business insolvencies from 28,000 to 33,000 after industry data revealed levels had risen faster than expected in the last quarter of 2023. In September last year, CEBR predicted that we would see 7,000 companies going insolvent each quarter in the UK in…
Read more
Annual figures from the Insolvency Service for England & Wales have shown that total number of business insolvencies registered in 2023 was 25,158 which was the highest number since 1993 and 14% higher than in 2022. The business insolvencies, comprised of 20,577 creditors’ voluntary liquidations (CVLs), 2,827 compulsory liquidations, 1,567 administrations, 185 company voluntary arrangements…
Read more
Latest quarterly figures from the Insolvency Service for England & Wales have revealed the highest quarterly number of Creditors’ Voluntary Liquidations (CVLs) since the start of the time series in 1960, and a 14% increase in business failures in 2023 compared to 2022. Between 1st October and 31st December 2023 (Q4 2023), there were 6,788 business…
Read more