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
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corporate and personal insolvencies registered as Covid19 restrictions were eased and government funded support was withdrawn.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
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
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
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
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
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
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
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
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
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
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.
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
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
The latest year end accounts may evidence adequate reserves to adhere to and met the standards of the Companies Act 2006’s statutory test to pay a dividend, there are other legal tests and factors to be borne in mind prior to declaring a dividend. During such uncertain, unprecedented times, it may be that the financial position
Each day seems to bring new announcements about the impact the current lock down is having, and will continue to have, on small companies with very limited resources. Yesterday, in an effort to improve access to funds, the Chancellor announced that the government would now offer 100% guaranteed small loans, now called "bounce back loans".
R3, the insolvency and restructuring trade body, has released advice for consumers who are worried about the financial impact of COVID-19. “The pandemic will have a serious effect on people’s finances,” says R3 President Duncan Swift. “People are seeing their income cut, their hours cut, having to take mandatory unpaid leave, and in some cases
Certain banks have stated that any director who secures a loan of up to £250,000 will not be required to sign a personal guarantee (pg). For loans in excess of £250,000 the directors may be required to sign a PG although their principal private residence will not form part of the security. However, other assets
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
The Government plans to suspend wrongful trading under Section 214 of the Insolvency Act 1986. There is fear in the Insolvency Profession that this blanket suspension could be abused. The profession favours a revision of those provisions with specific measures aimed at protecting retail, hospitality and rental property companies, who have been forced to close
Clearly we are all living in critical times and many business owners / directors are unsure as to what they should do in order to care for their family but also their business. It seems that advice, or even the scope of support, shifts every day, this making things exceedingly difficult and confusing. Just two
TH Financial Recovery have teamed up with our local team in the premiership Burnley FC. Delighted to work with a winning team!!At THFR we provide advice and help to companies and individuals in financial distress. We are regulated to by the Insolvency Practitioners Association and are therefore qualified to act in this capacity. Call us
The latest results from the Office for National Statistics (ONS) shows economic growth in the UK of 0.3% during the quarter ending August 2019. However this includes a contraction in the economy during August itself of 0.1%. It will be of little surprise to readers that the manufacturing industry has performed poorly, with the service
T H Financial Recovery is proud to announce that we have very recently opened an office in Keighley, Yorkshire. Working closely with a number of keys contacts in the town and surrounding area we see this as a fabulous opportunity to support our long term strategy to develop a broader range of services and support
Insolvency Practitioners in Keighley, Yorkshire T H Financial Recovery work with individuals and businesses in financial difficulty. If your business is facing problems and you need advice on the options available, such as new funding, business restructuring or help with insolvency, T H Financial Recovery can help. Give us a call to arrange a FREE,
T H Financial Recovery is proud to announce that we have very recently opened another office, this being in Keighley, Yorkshire. Working closely with a number of keys contacts in the town and surrounding area we see this as a fabulous opportunity to support our long term strategy to develop a broader range of services
