Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for April 2023 fell by 15%. The number of registered company insolvencies in April 2023 was 1,685, 15% lower than in the same month in the previous year (1,988 in April 2022). Business insolvencies decreased by 31.8%…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies personal insolvencies have fallen. In April 2023 there were eight company insolvencies registered in Northern Ireland, this was 38% lower than April 2022. The business insolvencies comprised of four CVLs, two compulsory liquidations and two administrations. There were no CVAs or receivership appointments.…
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Latest quarterly figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 4% but rose 18% year-on-year in Quarter 1 (Q1) when compared to Q1 2022. The figures show between 1 January and 31 March 2023, there were 5,747 company insolvencies made up of 4,739 creditors’…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies decreased in Quarter 1 (Q1) of 2023. The figures showed that there were 40 business insolvencies in Northern Ireland in Q1 2023, a decrease of 29% from the same quarter of 2021. The insolvencies comprised 28 CVLs, four…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for March 2023 rose by 16%. The number of registered business insolvencies in March 2023 was 2,457, 16% higher than in the same month in the previous year (2,120). The increase in company insolvencies compared to March…
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The number of companies entering administration in March rose to 130, the highest figure since the Covid-19 pandemic first hit according to analysis by Kroll. The figures show that a rise in administrations continued in March, hitting the highest level since March 2020, when lockdowns made trading impossible for many firms. In Quarter 1 (Q1) of 2023,…
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New data analysis has revealed that over half a million UK businesses dissolved in 2022. The research from NerdWallet showed that 534,777 businesses dissolved in the 12 months of 2022 with the year seeing the second-highest number of business closures in a decade. The figure companies with 601,773 dissolved companies in 2021 as a result of…
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Global insolvencies are set to surge by 21% in 2023 and 4% in 2024, while insolvencies in the UK are expected to increase by 16% and 9% in the same period as businesses are tested by weak demand, prolonged pressure on profitability, weaker cash buffers and tighter-for-longer financial conditions, according to latest analysis by Allianz Trade.…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in February 2023 was 1,783 in England & Wales, a rise of 17% (1,783) which is higher than in the same month in the previous year (1,518 in February 2022), and 33% higher than the number registered three years previously (pre-pandemic…
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A total of 1,340 businesses filed for administration in 2022, a 56% increase compared to 2021, according to analysis by full-service law firm Shakespeare Martineau. Construction, manufacturing and retail were the sectors worst hit, accounting for 39% of administrations. Greater London led the way with 20% of the filings, followed by the South East and…
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Retail experts at business advisory firm Quantuma has estimated that business failures in the retail sector could spike by as much as 71% in 2023. The Centre for Retail Research reported that in the first month of 2023 alone, seven retailers failed, impacted 361 stores and putting at risk 3,215 jobs. Quantuma Chief Executive, Carl…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales rose by 6.6% in January 2023. The number of registered business insolvencies in January 2023 was 1,671 was 6.6% higher than in the same month in the previous year (1,567 in January 2022), and 11% higher than…
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Annual quarterly figures from the Insolvency Service have shown that there were 22,109 business insolvencies in England & Wales in 2022. This was an increase of 57.3% from 2021’s figure of 14,059, an increase of 75% on 2020’s figure of 12,632, and an increase of 28.8% on 2019’s figure (17,164). One in 202 active companies…
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