Monthly Insolvency Statistics Show a Rise in Liquidations.

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),

By |2021-07-20T18:30:06+00:00July 20th, 2021|News|0 Comments

Effect of Covid on Small Businesses – Increased Financial Pressure?

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

By |2021-07-19T09:27:08+00:00July 19th, 2021|Blog, News|0 Comments

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

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

By |2021-07-01T18:13:46+00:00July 1st, 2021|Blog, News|0 Comments

Further Concern about Support Scheme Fraud

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.

By |2021-06-30T15:58:38+00:00June 30th, 2021|News|0 Comments

Company registrations and dissolutions

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

By |2021-06-29T14:52:34+00:00June 28th, 2021|News|0 Comments

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

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

By |2021-05-19T08:19:11+00:00May 19th, 2021|News|0 Comments

INSOLVENCIES LIKELY TO RISE AS ECONOMY EXPANDS

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

By |2021-04-22T20:09:08+00:00April 22nd, 2021|Blog, News|0 Comments

March Insolvency Statistics

On 15 April 2021, the Insolvency Service released the latest monthly statistics for the month of March 2021. The first Coronavirus lockdown commenced on 23 March 2020 and so figures have been released to show the number of insolvencies in March 2020 and March 2019 There has been a significant decline in the number of

By |2021-04-21T08:13:14+00:00April 21st, 2021|News|0 Comments

COVID19, PROFITABILITY, CASHFLOW AND INSOLVENCY

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

By |2021-04-16T09:03:30+00:00April 16th, 2021|News|0 Comments

SWINGS & ROUNDABOUTS

As we move into another phase on the “road to recovery”, there are positive indications with regard to the UK economy and the prospects for a return to some form of normal. However, as the various government funded assistance measures are phased out or ended, business owners, landlords, local government or others affected may still

By |2021-04-13T15:06:45+00:00April 13th, 2021|Blog, News|0 Comments

Vaccine Review

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.

By |2021-04-07T17:48:36+00:00April 7th, 2021|News|0 Comments

Economic Recovery

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

By |2021-04-06T17:03:51+00:00April 6th, 2021|News|0 Comments

INSOLVENCY STATISTICS – FEBRUARY 2021

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

By |2021-04-01T13:29:21+00:00April 1st, 2021|Blog, News|0 Comments

UK Government has published its “Corporate Insolvency and Governance Bill (CIGB)”

The CIGB, which has been fast tracked by Government, introduces both permanent and temporary measures in an effort to help struggling businesses. The permanent measures include a new procedure for Directors to apply to court for a Moratorium, which if granted, will provide the company with a limited payment holiday in respect of certain debts.

By |2020-10-03T14:36:21+00:00June 2nd, 2020|Blog, News|0 Comments

Corporate Insolvency & Governance Bill

The ‘Corporate Insolvency and Governance Bill’ (‘CIGB’) has now been published by the government in order to provide further support to businesses through the economic impact of COVID-19. The CIGB has been fast tracked “to give companies breathing space and keep trading while they explore options for rescue." The CIGB sees a number of additions

By |2020-10-03T14:36:21+00:00June 1st, 2020|News|0 Comments

Potential damage to company finance and business rescue?

The Finance Bill 2019-21 had its second reading in Parliament on 27 April, closely watched by the insolvency and restructuring profession due to the inclusion of 2 proposed policies which may damage business lending and hinder business rescue: Plans to grant HMRC preferential status in insolvency procedures from December this year; andMeasures to make directors personally liable for a company's tax

By |2020-10-03T14:36:21+00:00May 26th, 2020|Blog, News|0 Comments

Furloughed employees and Insolvency – The Debenhams case

High street retailer Debenhams notified approximately 13,000 employees in writing on 25 March 2020 that they were being furloughed in accordance with the Job Retention Scheme (JRS). This being until further notice. An additional 867 staff were contacted and furloughed over the following few days on identical terms (the circa 13,867 employees being the “Furloughed

By |2020-10-03T14:36:22+00:00April 29th, 2020|Blog, News|0 Comments

Debenhams Administration

Major retailer Debenhams filed for Administration yesterday (6th April), which allows the company protection from creditors during the current lock-down which has left many retailers and businesses in such a difficult and uncertain time. It is unknown at this stage how many of the 142 will reopen once restrictions are lifted, but the retailer continues

By |2020-10-03T14:36:22+00:00April 7th, 2020|News|0 Comments

Legal Protection for struggling businesses – Covid 19

New insolvency tools and moratorium In addition to our earlier regarding the relaxing of the rules regarding wrongful trading from 1st March, the UK’s Insolvency Framework will be changed to include: A moratorium for companies giving them breathing space from creditors enforcing their debts for a period of time whilst they seek a rescue or

By |2020-10-03T14:36:22+00:00April 7th, 2020|News|0 Comments

Government Support for Business

Further changes today as the the government announced major amendments to the terms on which support is offered to businesses badly affected by the the Coronavirus pandemic. Businesses seeking loans to support them through the crisis will no longer need to apply for a commercial loan before they are granted a loan and borrowers will

By |2020-10-03T14:36:22+00:00April 3rd, 2020|Blog, News|0 Comments

Slight Increase in Total Company Insolvencies

The Insolvency Service has released the company insolvency statistics for Q3 July to September 2019 which show a slight increase in total company insolvencies. There were 4,355 total company insolvencies in Q3 2019; which is 0.4% higher than in Q2 2019 and an increase for the third successive quarter. Compared to the same period in

By |2020-10-03T14:36:26+00:00November 20th, 2019|News|0 Comments

Retailer Clintons in survival talks

Greetings card chain Clintons is potentially facing shop closures and rent cuts as part of a survival plan. The retailer, which has in the region of 2,500 staff, is in restructuring talks with landlords in another indication of the High Street crisis.  A spokeswoman told the BBC no decisions have yet been made. Clintons was

By |2020-10-03T14:36:26+00:00November 11th, 2019|News|0 Comments

Liquidation hit British Steel to be rescued by Chinese firm in £70m deal

British Steel is set to announce a rescue deal with China's Jingye Group, which could safeguard up to 4,000 jobs in the UK. Jingye Group has agreed in principle to buy British Steel for £70m. British Steel has been kept running by the government via the Official Receiver since May, when the company went into

By |2020-10-03T14:36:26+00:00November 11th, 2019|News|0 Comments

Administrations and Creditors’ Voluntary Liquidations Reach Highest Levels for Several Years

According to company insolvencies statistics recently released by The Insolvency Service for Q3 July to September 2019, administrations and creditors’ voluntary liquidations have reached their highest quarterly levels for several years. Administrations The objective of administrations is the rescue of companies as a going concern, or if this is not achievable, then to obtain a

By |2020-10-03T14:36:26+00:00November 8th, 2019|News|0 Comments
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