New research has revealed the extent of anxiety across the UK in relation to money matters, with 41% of British adults saying they are worried about their current level of debt. The proportion of people who are concerned about their … Continue reading
Tag 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
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
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 insolvency practitioner Paul Moorhead recognised that a tough market would almost certainly need … 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: 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
Moorhead Savage welcomes ‘encouraging’ insolvency figures
New figures show there are signs that the economy is strengthening for both companies and individuals. The good news is not entirely unexpected but nevertheless is still welcome and suggests that the economy is maintaining an upward trajectory. … 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
FCA’s economic outlook urges caution over debt
On 1 April 2014 the Financial Conduct Agency (FCA) officially takes over from the Financial Standards Agency (FSA) as the regulator of the financial services industry in the UK (no April’s Fools, honest). The FCA has published its ‘Risk Outlook’ … Continue reading