The Government’s Insolvency Service have published new figures that show a big increase in the number of companies going bust in recent months. In the third quarter of the year ending September 2017, there were 4,152 company insolvencies in England … Continue reading
Category Archives: Insolvency
Insolvencies fall in 2015
Official statistics for 2015 have shown a continued decrease in the number of people and companies going bust. Company insolvency has fallen to its lowest level since 1989 whilst the number of people becoming insolvent is at the lowest level … Continue reading
Happy 6th Birthday to Moorhead Savage
Setting up a business in the summer of 2009, just as the recession was about to bite hard, might have seemed an almost reckless concept. But business advisor Paul Moorhead recognised that a tough market would almost certainly need a … 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.
Infographic: Insolvency Statistics for 2014
The release of insolvency statistics for 2014 by the Insolvency Service has painted a positive picture of the past year in comparison to 2013, with the numbers of both company and personal insolvencies decreasing. The following infographic including a helpful … Continue reading
New insolvency manifesto from R3
The leading insolvency trade body, R3, has published a manifesto for the 2015 General Election, in an attempt to put insolvency reform high on the agenda for a future government. R3 has warned that companies are encountering less favourable conditions, … Continue reading
Tough times for accountancy firms
Research carried out by my colleagues at Moorhead Savage has shown that there has been a huge increase in the number of accountancy firms going into liquidation in recent years and the trend is for more firms to become insolvent … Continue reading
Quarter of SMEs use personal credit to survive
Research published by Experian has revealed that 25% of owners of small and medium sized business have used their personal finances to support their business. Of those, nearly one third have used mortgages to inject cash into their business, thereby … Continue reading
Rollercoaster ride for the construction industry shows wider uncertainty over the economy
Two studies into the construction sector have given very different pictures of the state of the building industry and have highlighted uncertainty in the wider economy. Recently released figures from the Office of National Statistics (ONS) have shown an improvement … Continue reading
Don’t let your family struggle with debt
There may be official signs that the worst of the recession is over but that’s likely to be small comfort to the many families still struggling to make their cash last through the month. New figures from the government’s Money … Continue reading