From 6th April 2016, all applications by individuals wishing to make themselves bankrupt must be made online using a portal on the Government’s Gov.uk website. Previously, anyone who wants to go bankrupt had to make an application – or ‘petition’ … Continue reading
Category Archives: Bankruptcy
Cost of applying for bankruptcy goes down – slightly
The Government’s Insolvency Service has announced that the fees for an individual to go bankrupt will fall from £705 to £655 in April 2016. The current fee is made up of two parts: a deposit of £525 and an application … Continue reading
Infographic | Stats show Businesess and Individuals still struggling with cash flow problems
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The latest insolvency statistics from the Insolvency Service show Businesess and Individuals still struggling with cash flow problems.
The most recent government insolvency figures show that throughout the country 2,481 companies went into compulsory liquidation in the first quarter of 2015, a drop of 15.9 per cent on the same period last year.
A further 904 companies voluntarily called in a liquidator rather than being wound up by the Courts, falling by 5.6 per cent.
And at the same time, personal insolvencies stood at 20,826, a fall of almost 19 per cent on last year’s figure.
- “These statistics show that, overall, the economy is showing signs of improvement.
- The number of businesses and individuals using a formal insolvency procedure to deal with over-indebtedness are both going down.
- But the numbers are still above the historical average and thousands of people and companies are still struggling with cash flow problems and high levels of debt.
As these figures demonstrate, fewer companies need to close as there are often ways to breathe new life into struggling businesses. In addition, rescue procedures can be used to minimise the impact of any closure and to mitigate the loss to creditors, employees and business owners.
As always, though, the advice is quite simply to Call us by seeking expert advice as soon as possible because there is so often a positive outcome to be achieved.
As these figures demonstrate, fewer companies need to close as there are often ways to breathe new life into struggling businesses. In addition, rescue procedures can be used to minimise the impact of any closure and to mitigate the loss to creditors, employees and business owners.
As always, though, the advice is quite simply to Call us by seeking expert advice as soon as possible because there is so often a positive outcome to be achieved.
Also read BDaily as Paul talks to them about these.
Where did all the bankruptcies go?
Statistics from the Insolvency Service show that although the number of personal insolvencies have increased, the number of bankruptcies has significantly fallen. Instead Individual Voluntary Arrangements (IVA) are proving more popular solutions to debt. If you are … Continue reading
Insolvency statistics show that life is still tough for many
Both corporate and personal – remain at high levels. Official figures released today show that the overall level of insolvencies in the third quarter of 2011 – both corporate and personal – remain at high levels. For those of us … Continue reading
Insolvency consultation leads to more… consultation
Bankruptcy and winding up petitions threshold may rise The Government has announced a consultation on raising the level of debt that is required for a bankruptcy petition to be lodged at court. Currently, there must be debts of at least … Continue reading
What a (debt) hangover
New Year brings debt misery for millions Six million people fear that they will not have enough money to pay their Festive bills by the end of January according to statistics published by R3, the leading insolvency trade body. This … Continue reading
Paul’s New Year predictions
Increase in insolvencies forecast for 2011 As we say goodbye to 2010 and look forward to the start of 2011, I thought that I would give my predictions for 2011 from an insolvency point of view. Overall, 2010 was a … Continue reading