Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 16% in September when compared to the same month in the previous year (1,453 in September 2021), and 11% higher than the number registered three years previously (pre-pandemic; 1,508 in September 2019). In September 2022…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in September. The figures showed that there were 103 company insolvencies registered in Scotland, 47% higher than the number in September 2021 and 36% higher than in September 2019. This was comprised of 25 compulsory liquidations,…
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Total business insolvencies in England and Wales in the second quarter of 2022 hit their highest quarterly level since 2009 at 5,629. According to latest ONS data, although insolvencies decreased in 2020 thanks to government support packages, Creditors’ Voluntary Liquidations (CVLs) have hit a new high. CVLs accounted for 89% of all company insolvencies in…
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New UKHospitality, has highlighted the sector’s struggle to survive, with one in five businesses saying they will not survive the current crisis and t in five operators admitting they are no longer profitable. The figures emerged from a recent survey of operators in the sector, which showed that, on top of energy price rises, the…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 7.5% in July 2022 to a total of 1,827 compared to June’s total of 1,699, and increased by 66.7% compared to July 2021’s figure of 1,096. The figures 67% higher than in the same month…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies increased. The figures showed that in July 2022 showed that there were 160 individual insolvencies in Northern Ireland, 13% higher than in July 2021, but 19% lower than July 2019. The personal insolvencies consisted of 142 IVAs, 12 DROs and six bankruptcies. Business insolvency…
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One in three UK small and medium enterprises (SMEs) say their survival is dependent on accessing finance by the end of the year, new research from NerdWallet has revealed. The company surveyed 500 senior decision-makers within UK SMEs. It found that 33% fear their business will collapse if they are unable to access finance (such…
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Latest quarterly figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased by 58%, The figures showed that in Q2 2022, there were 261 total company insolvencies in Scotland, this was 58% higher than in the same quarter of 2021. The business insolvencies comprised 44 compulsory liquidations,…
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The Insolvency Service has used its new powers to investigate and sanction directors who dissolved their companies to avoid repaying bounceback loans. The Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government-backed loans. The crackdown has seen…
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More than 620 businesses filed for administration in the first six months of the year – a 60% 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 40% of administrations. Greater London led the way with 22% of the filings,…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 7.2% in June 2022 to a total of 1,691 compared to May’s total of 1,822, but were still 40.1% higher compared to June 2021’s figure of 1,207. Of the 1,691 registered company insolvencies in June 2022…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland were stable in June 2022. In June 2022 there were 76 business insolvencies registered in Scotland, equal to the number in June 2021 but 12% higher than in June 2019. The insolvencies comprised of eight compulsory liquidations,…
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Business insolvencies have jumped 70%, from 11,261 to 19,191 in the last year according to analysis by international audit, tax and advisory firm Mazars. The company says the highest interest rates in 13 years have made businesses’ debts more expensive to service and has led to an even greater number of indebted businesses falling into…
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