The number of compulsory company liquidations soared by 66% in the year to January, according to the latest figures from the Insolvency Service. The number of all company insolvencies was 5% higher than the number in January 2023. Of the 1,769 registered company insolvencies in January 2024: Nicky Fisher, President of R3, the UK’s insolvency
The number of firms going out of business or facing serious financial distress has risen sharply this year, according to the latest figures. The Insolvency Service says there were 5,629 corporate insolvencies in Q2, an increase of 12.7% compared to Q1’s figures of 4,995, and an increase of 81.3% compared to Q2 2021 (3,105). Meanwhile,
The first quarter of this year was the busiest for corporate insolvencies since 2012, according to the latest figures. It’s feared there may be worse to come because of rising inflation, increased fuel costs, and reduced consumer spending. The increase in interest rates is also likely to have an adverse effect on business viability. Data
The late payment problem is getting worse and is now threatening to destroy thousands of small businesses, according to a survey carried out by the Federation of Small Businesses (FSB). The study of more than 1,200 business owners found that one in three businesses (30%) have seen late payment of invoices increase over the last
A rise in the number of creditors taking court action to recover debts has led to fears of a surge in insolvencies in the New Year. There were 21,764 County Court Judgments lodged against companies in the three months to the end of September – a rise of 51% on the previous quarter. Between July
More than 1,400 firms ceased trading in September as insolvency figures reached their highest level since March 2020. Finance experts fear there is worse to come as the furlough scheme and other government support for businesses come to an end. Some of the smaller energy suppliers were among the 1,446 companies to go bust in
The number of company insolvencies has risen to the highest level since the first Covid lockdown more than a year ago. The latest figures from the Insolvency Service show that in August, corporate insolvencies had increased by 71.1% compared to August 2020’s figure of 788. There was also a large monthly increase of 22.9% to
As we start to emerge from the Covid-19 pandemic, we address at some of the issues which have arisen for our commercial property, corporate and employment clients in the manufacturing sector and what this may mean for the industry as a whole going forward. To download the document, please click here https://www.machins.co.uk/wp-content/uploads/2021/07/Legal-Implications-in-the-Manufacturing-Sector.pdf
The newly appointed Small Business Commissioner is to spearhead a national effort to crack down on late payment of invoices – which cause thousands of small businesses to close every year. Former journalist Liz Barclay will be the first woman to hold the position, which was created in 2016 to help small businesses secure the
The High Court has clarified the issues involved when a company wished to invoke the ‘Covid-19 restriction’ to prevent being subjected to a winding-up order. It said that under the Corporate Insolvency and Governance Act 2020 (the Act), the company did not have to show that the pandemic had had a direct financial effect upon