The latest official statistics on personal insolvency rates in England and Wales have revealed that the number of people using a formal insolvency procedure increased by 13% in 2016 compared with the previous year. On the face of it, this … Continue reading
Category Archives: Personal debt
Personal insolvencies on the rise
Despite more favourable economic conditions, the latest statistics from the Government’s Insolvency Service have shown that the number of people who become formally insolvent between April and June 2016 has increased by 6.9% on the previous quarter and has risen … Continue reading
Bankruptcy applications move online
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
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
UK adults attitude to debt – new research
New research by R3, the insolvency trade body, has revealed that over one third (36%) of British adults say they often or sometimes struggle to payday. The research also shows that 39% of adults in the UK say they are … Continue reading
Infographic | Stats show Businesess and Individuals still struggling with cash flow problems
Image
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.
The universe to become a debt free zone
Worried about intergalactic debt? No need – the universe is a debt free zone An innovative campaign has been launched today aimed at ensuring that mankind’s exploration of the universe will not be blighted by an issue that many … Continue reading
Infographic: Get out of debt with an IVA
Individual Voluntary Arrangements (IVAs) can offer a flexible solution out of debt. As outlined in our previous infographic on bankruptcies, IVAs are becoming increasingly popular options. The following infographic explains the benefits of IVAs and how the process works. If … Continue reading
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
Payday loans twice as popular as credit unions
A report from insolvency trade body R3 has shown that British adults are twice as likely to take out a payday loan rather than take a loan from a credit union. In a survey of over 2,000 British adults carried … Continue reading