The latest Insolvency Index from Experian, the global information services company, has revealed that the rate of insolvencies dropped to 0.08% in August, its lowest point since February.
While these figures are encouraging it doesn’t necessarily paint the whole picture as a lot of small to medium sized businesses are still finding trading conditions very tough. With a lot of companies just treading water stagnation in the economy seems to be one of the biggest issues facing UK plc.
The latest Insolvency Index from Experian has reported a year-on-year improvement in business bankruptcy during February.
The total number of insolvencies fell by 12.5% during February compared to the same month last year – from 1,834 in February 2010 to 1,605 in February 2011 – bringing the rate of insolvencies down from 0.10% to 0.08%.
More on Business Bankruptcy Figures Down Hide Pressure In Retail Sector
For the second time creditors have voted in favour of a company voluntary arrangement, CVA, for sports retailer JJB.
A company voluntary arrangement is a legally binding agreement between a Company and its creditors, supervised by and insolvency practitioner.
The percentage of Time to Pay requests refused by HM Revenue & Customs (HMRC) in 2010 was more than double the rate in 2009, according to new statistics.
Figures from HMRC show that the percentage of requests refused in 2009 stood at 2.7 per cent. In 2010, the refusal rate had risen to 5.8 per cent.
Connect Services Group has ceased trading and is to be placed into administration.
The mortgage website mortgage strategy has just released this article confirming that Connect Mortgage Group has gone bust. Apparently, A message on the firm’s switchboard says it has ceased trading and has appointed Portland Business and Financial Solutions as administrators. Administration is the correct insolvency terminology for business bankruptcy.
The number of corporate insolvencies has dropped significantly in the third quarter.
The number of company liquidations dropped by 13.9 per cent from the year before to 3,974, while administrations plummeted by 35 per cent compared to the year before to 633. Company voluntary liquidations also dipped by 14.4 per cent on the same quarter last year.
Bridge Company Recovery has been appointed to oversee the initial ever commercial voluntary arrangement (CVA) of a stockbroker within the UK.
Stock broker Wills & Co attracted wide media attention after the Financial Services Authority (FSA) clamped-down on the firm and banned it from giving investment advice following accusations of mis-selling.
More on Commercial Voluntary Arrangement (CVA) For Stock Broker
The Office of Fair Trading (OFT) will revoke the client credit licences of 129 financial debt administration companies if they don’t take speedy compliance motion.
The warning to comply with the regulator’s Financial Debt Management Guidance follows an OFT review from the financial debt administration sector which discovered an "unacceptable" degree of non-compliance issues within the business.
Archial called in administrators PricewaterhouseCoopers (PwC) after the taxman refused to agree to a proposal to pay its debts in monthly instalments rather than one lump sump.
Evidence if evidence where needed hat Her Majesties Revenue and Customs are not so eager to deals under their Time To Pay program for mounting PAYE or VAT arrears as they used to be.
There has been a year-on-year decline in business insolvencies during June, according to the latest Insolvency Index from Experian. The overall financial strength score of UK businesses also improved, from 80.83 in June 2009 to 80.66 in June this year.
The National charity Citizens Advice has today launched a tender for a single, preferred debt management plan supplier.
The charity says it is looking to establish a partnership with a provider that will meet the high standards being set by the charity and the bureaux will be able to confidently recommend to debt clients.
The amount of companies in the United kingdom which failed within the second quarter of 2010 has dropped almost twenty per cent upon the particular timeframe in 2009.
The most up-to-date Business Failures Report from credit reference company Equifax displays a 19.1 per cent year on year fall and a decrease of 7 per cent throughout the 2nd quarter compared with the first three months of 2010.
The latest Insolvency Index from Experian has shown the rate of business failures in January falling to its lowest point since June 2007.
The rate of insolvencies fell to 0.07% in January 2010, with seven in every 10,000 businesses going under. This compares to an insolvency rate of 0.09% in January 2009 and 0.11% in December 2009.
More on Business Bankruptcy Data Suggests Possible Economic Recovery
First Quench Ltd which owns brands, Threshers, The Local, Wine Rack and Haddows, had to go into administration on Thursday after struggling in the recession.
Richard Fleming, Mick McLoughlin and Ian Corfield of KPMG have been appointed joint administrators to First Quench. KPMG said 81 redundancies had been made at the firm’s head office in Welwyn Garden City, and warned that more jobs were likely to go.
More on Corporate Insolvency; Thresher Goes Into Administration
If you think your Company is trading while being insolvent you really need to read this article and then take immediate action before it to late. – This news release is from R3 the trade body for licensed insolvency practitioners
Statistics from The Insolvency Service also show that corporate insolvencies reached 1,529 in the second quarter of 2009 in a 22.7 per cent increase on the same period last year.
The Corporate Restructure team at Enable Finance is not surprised by these figures as we are currently in the deepest recession since the Second World War.
More on Corporate Insolvency, Voluntary Liquidation & Pre Pack Administration Figures On The Rise.
A survey of insolvency practitioners has found a total 4,846 UK jobs have been saved thanks to pre-packaged administrations this year.
Research by insolvency trade body R3 discovered that out of 5,478 jobs at risk, 4,846 (88 per cent) were saved in 89 pre-pack case studies, while the business owner remained in charge in 59 per cent of cases.
Business Failures in the Commercial Property market are set to rise says KPMG Corporate Restructuring chiefs.
Richard Fleming, Brian Green and Paul Dumbell from KPMG Restructuring, have been appointed joint administrators to Manchester-based Modus Ventures Limited. The firm owns more than 40 UK companies including many retail property developments such as the Grand Arcade, the UK’s first carbon-neutral shopping centre in Wigan, and the Houndshill Shopping Centre in Blackpool.
More on Company Failures Set To Rise in the Commercial Property Market
The Office of Fair Trading has threatened six debt management companies and four cold-calling businesses with enforcement action unless they stop using unsolicited and misleading calls.
Citizens Advice director of public policy Teresa Perchard said: "This is absolutely the kind of prompt and decisive action needed to tackle rogues taking advantage of the downturn.
Businesses across the UK have delayed the payment of taxes, such as VAT, PAYE and Corporation Tax worth a total of £2.5bn, HM Revenue and Customs (HMRC) has confirmed.
HMRC figures show that UK Companies made 141,000 tax rescheduling agreements in the past six months as they tried to rearrange cash flow in severe trading conditions.
More on Tax & VAT Arrears On The Rise Confirm Inland Revenue
TMA, The trade association challenged the House of Commons Business & Enterprise Committee to produce hard evidence for its damning claims over pre pack administration, which included an assertion that unsecured creditors of companies undergoing pre-pack administrations were "initially kept in the dark and then left empty-handed."
Creditors of Premier Network Group have been contacted by an insolvency practitioner to appoint a liquidator for the network.
The meeting is due to be held at the EWS head offices in Leicestershire on May 20, once Premier Network Group shareholders have passed a resolution to wind up the company.
More on Company Voluntary Liquidation for Premier Network Group
Company Voluntary Liquidations (CVLs) are up by 62.9% on the same quarter in 2008.
Peter Sargent, President of R3, the insolvency trade body explains: “A Company Voluntary Liquidation is the insolvency mechanism by which company directors voluntarily wind up their own company. In good times it is generally used for companies which are no longer viable, for example due to advancing technology; or companies working on projects which have naturally come to an end. However, we believe that in this case there have been numerous company directors who have come into the New Year, looked at the gloomy economic outlook, and decided the best option is just to call it a day.”
More on Company Voluntary Liquidations up 62 per cent report R3
The Corporate Recovery Team have been reporting for some time now that winding up petitions against Company’s appear to be continuing to rise.
The last official statistics release by the Ministry of Justice where as follows: 3,382 company winding up petitions – an increase of 18% on the same quarter of 2007 and a 6% increase on the previous quarter.
More on Winding Up Petitions On The Rise – Company’s urged to Seek Advice
Shock statistics CCJ’s registered against business and limited companies have shot up as businesses struggle to pay their debts and creditors get tough.
The quantity of county court judgments issued to businesses in England and Wales reached 192,100 in 2008, a record level since 2000 according to new data.
More on Are Business Debts out of control as CCJs hit eight year high?
