INCREASING NUMBERS OF BUSINESS FAILURES AND PERSONAL INSOLVENCIES REPORTED IN MARCH

By |2022-05-04T16:37:05+00:00May 4th, 2022|Blog, News|

In recent months, we, and other insolvency professionals, have expressed concern about the rising number of insolvencies registered each month. Although the pressures facing both business and personal finances were predictable, the scale of the problem was not foreseen. The Insolvency Service report for March 2022 reveals that twice as many company insolvencies were registered

WHERE NOW FOR COMPANIES, BUSINESSES AND INDIVIDUALS OVER THE COMING MONTHS?

By |2022-04-07T15:34:13+00:00April 7th, 2022|Blog, News|

Our March Newsletter commented on the increasing number of both corporate and personal insolvencies registered as Covid19 restrictions were eased and government funded support was withdrawn. These issues were known and predictable. However, few foresaw the huge increases in fuel, energy, labour, raw material and other costs that have hit everyone in the last few

Increasing Financial Pressure

By |2022-03-22T14:55:41+00:00March 22nd, 2022|Blog, News|

COMPANIES AND INDIVIDUALS FACING INCREASING FINANCIAL PRESSURE As Covid 19 restrictions have been largely lifted in England & Wales, the numbers of insolvency cases affecting companies and individuals continues to rise. Reported company insolvencies in February 2022 were as follows:- Type February 2022 February 2021 February 2020 Pre Lockdown February 2021 % Change Creditors Voluntary

Government Support Reducing – Company Insolvencies Increasing to Exceed Pre-Pandemic Levels

By |2022-01-10T17:17:42+00:00January 10th, 2022|News|

The latest report issued by the Insolvency Service on 17 December 2021 shows that for the first time since the start of the Covid-19 pandemic, company insolvencies registered in November 2021 were higher than the same period in 2019. The 1,674 company insolvencies were notified, 88% higher than November 2020, (891 insolvencies), when several sectors

Monthly Insolvency Statistics Show a Rise in Liquidations.

By |2021-07-20T18:30:06+00:00July 20th, 2021|News|

Whilst the employment numbers released last week looked positive, monthly insolvency figures issued on 16 July 2021 show a significant increase in company failures, reflected especially in the number of Creditors Voluntary Liquidations (CVLs) registered in June. Total company insolvency cases were reported to be 1,207, 18% lower than the equivalent period in 2019, (pre-pandemic),

Effect of Covid on Small Businesses – Increased Financial Pressure?

By |2021-07-19T09:27:08+00:00July 19th, 2021|Blog, News|

Whilst we await the effect of impending changes to the way we live after 19 July, the Bank of England Report issued this morning stresses there will still be a need to offer support after Covid support is wound down, especially as the current wave continues to spread. The Financial Stability Report confirms the position

Liquidations and Insolvencies Set to Rise as Covid Business Support Tapered Down?

By |2021-07-01T18:13:46+00:00July 1st, 2021|Blog, News|

July 1 has seen major changes to the support given to businesses affected by the Covid19 pandemic. Employers using the furlough scheme will now have to pay increased proportions of staff wages. Employees will still receive still 80%, wages the government paying 70% and employers face with the cost of the remaining 10%. August 1

Further Concern about Support Scheme Fraud

By |2021-06-30T15:58:38+00:00June 30th, 2021|News|

Although the government has been praised for the actions taken to support businesses and individuals through the Covid19 pandemic, (there being no real doubt that millions have benefitted), the BBC has today again reported on the scale of fraud and losses perpetrated by those seeking to take advantage of the situation for their own ends.

Company registrations and dissolutions

By |2021-06-29T14:52:34+00:00June 28th, 2021|News|

Despite the Covid19 pandemic and its devastating effect on sections of the economy, updated figures released today, 24 June 2021 show that there were 201,820 new company registrations between October – December 2020. This was an increase of almost 46,000 on the same pre-pandemic quarter in 2019. This means that at the end of December

Monthly Insolvency Statistics and Stats – May 2021

By |2021-06-29T14:50:32+00:00June 25th, 2021|News|

MIXED FINANCIAL NEWS There has been a mix of economic news in the last couple of weeks – some good and some not so. The unemployment figures for May 2021, released on Tuesday, 15 June, show the number of payroll employees rose by 197,000 to 28.5 million, the sixth consecutive month of growth. The official

A drop in Administrations, Creditors Voluntary Liquidations and Company Voluntary Arrangements

By |2021-05-19T08:24:52+00:00May 19th, 2021|Blog|

The Insolvency Service released the monthly insolvency statistics for April 2021 today. The figures contain a comparison between April 2021 and April 2020, the first full month after the commencement of the first lockdown in March 2020. There has been a significant decline in the number of insolvencies when compared to March 2019, this no

INSOLVENCY STATISTICS – APRIL 2021 Liquidations, Administrations and Company Voluntary Arrangements have decreased

By |2021-05-19T08:19:11+00:00May 19th, 2021|News|

The Insolvency Service released the monthly insolvency statistics for April 2021 today. The figures contain a comparison between April 2021 and April 2020, the first full month after the commencement of the first lockdown in March 2020. There has been a significant decline in the number of insolvencies when compared to March 2019, this no

Insolvency Process changes to Legislation

By |2021-05-13T13:50:26+00:00May 13th, 2021|Blog|

Changes to legislation in relation to Debt Relief Orders as follows: Increase from £1,000 to £2,000 in respect of individual assets. The value of a single motor vehicle that can be disregarded is also raised from £1,000 to £2,000. A debtor will be permitted to have a surplus monthly income of £75 before he /she

“BREATHING SPACE” FOR INDIVIDUALS DEALING WITH PERSONAL DEBT PROBLEMS

By |2021-05-13T13:34:05+00:00May 13th, 2021|News|

On 4th May 2021, a government initiative entitled “Breathing Space” came into effect, the stated aim being to help people who are struggling to deal with personal debt. The goal is to allow a period of 60 days to take advice and buy time without the stress and worry of mounting debt, threatening letters or

MORE UNCERTAINTY AND NERVOUSNESS AS STOCK MARKETS FALL

By |2021-05-11T16:19:57+00:00May 11th, 2021|Blog, News|

After much publicity and fanfare about stock market rises in the weekend press and following the FISE 100 hitting a post-pandemic high of 7,164 on Monday, the index has retreated back to 6,980 today, (Tuesday 1.00pm). The US Nasdaq was down 2.6% on Monday and in Europe the French CAC Index and the German Dax

BUSINESS LEADERS SET OUT THEIR PLANS FOR RECOVERY

By |2021-04-29T15:08:26+00:00April 29th, 2021|JT's Blog, News|

As a change from the declarations by government or other officials, a commission made up of 10 business leaders from companies including Tesco, Vodafone and Astra Zeneca has set out plans for economic recovery as the Covid 19 pandemic is brought under control. Following the biggest economic crisis in 300 years, the members hope these

INSOLVENCIES LIKELY TO RISE AS ECONOMY EXPANDS

By |2021-04-22T20:09:08+00:00April 22nd, 2021|Blog, News|

In the hope that control of Covid19 improves and the number of cases continues to decline, many business owners will no doubt look forward to seeing sales growth and a return to profitability. However, there are still risks and threats to be faced in the weeks ahead and business owners / directors would do well

COVID19, PROFITABILITY, CASHFLOW AND INSOLVENCY

By |2021-04-16T09:03:30+00:00April 16th, 2021|News|

COVID19, PROFITABILITY, CASHFLOW AND INSOLVENCY Yesterday, Tesco released its latest trading numbers. Whilst most businesses can only dream of the profits generated by the UK largest supermarket, there are lessons as small business and SME’s need to bear in mind as the economy improves and the business support initiatives are reduced in their scope. The

Vaccine Review

By |2021-04-07T17:48:36+00:00April 7th, 2021|News|

REVIEW OF ASTRA ZENECA VACCINE USE IN UK. In today’s government briefing on the current vaccination program, quite a change in policy was announced. One of the main changes is that the UK vaccine advisory body has said that the under-30s are to be offered an alternative to the AstraZeneca vaccine when offered a jab.

Economic Recovery

By |2021-04-06T17:03:51+00:00April 6th, 2021|News|

ECONOMIC RECOVERY PROSPECTS BBC reports that the International Monetary Fund (IMF) is now forecasting a stronger economic recovery this year and into 2020 than was published on January of this year. However, the British economy is still only likely to return to pre-pandemic levels in late 2022. The forecast for growth in the UK is

INSOLVENCY STATISTICS – FEBRUARY 2021

By |2021-04-01T13:29:21+00:00April 1st, 2021|Blog, News|

INSOLVENCY STATISTICS – FEBRUARY 2021 Last week saw the anniversary of the first Covid19 lockdown. When the optimists said it would be over by Easter, no-one thought we would still be facing major restrictions here at Easter 2021! Despite 12 months of economic chaos, the Insolvency Statistics continue to remain low, although if must be

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