In my role as an insolvency practitioner, it is a sad fact of life that I am often approached by company directors who have decided to close their companies and put them into liquidation as they have exhausted their options … Continue reading
Category Archives: Liquidation
Business failure can be a positive thing
As an insolvency practitioner, it may be easy for me to say that a business failure can be a positive thing, but I know that this may be hard to accept for business owners who are facing that situation. … 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.
What to do if faced with a Winding Up Petition
Winding up petitions are usually used by creditors as a way of enforcing a debt that is owed to them, either by a company or a partnership. A petition may be presented by a single creditor, or by a group … Continue reading
Company liquidations down 30% due to rescue culture
Recent figures have shown that 30% fewer companies are going into liquidation during the current economic downturn compared with the last recession in the early 1990s. Research carried out by the insolvency trade body R3 has suggested that the lower … Continue reading