Credit, collections & insolvency news
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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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%…
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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…
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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.
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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…
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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…
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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…
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Latest quarterly statistics from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvencies remained stable with only one insolvency more than the equivalent quarter of 2022. In Quarter 4 (Q4) 2023, there were 314 total business insolvencies in Scotland. The insolvencies comprised 105 compulsory liquidations, 196 CVLs, 12 administrations and one CVA. There were no…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in December 2023 was 2,002, 2% higher than in the same month in the previous year (1,965 in December 2022). The business insolvencies consisted of 153 compulsory liquidations, 1,731 creditors’ voluntary liquidations (CVLs), 103 administrations and 15…
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies increased whilst personal insolvencies fell in Northern Ireland in December 2023. The data showed that there were 25 business insolvencies registered in Northern Ireland, this was 67% higher than December 2022. The insolvencies comprised of 17 CVLs, six compulsory liquidations, one CVA and…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in November 2023 increased by 6.4% in November 2023 to a total of 2,466 compared to October’s total of 2,317, and increased by 21.4% compared to November 2022’s figure of 2,032. Business insolvencies increased by 47.1% from…
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