The insolvency statistics released for May 2024 show that of the 2,006 registered company insolvencies: There were 271 compulsory liquidations 1,590 creditors’ voluntary liquidations (CVLs) 126 administrations 19 company...
Read more...Of the 2,102 registered company insolvencies in February 2024: There were 1,707 CVLs which is 12% higher than in February 2023 217 were compulsory liquidations which is 35% higher than in February 2023 There were 166...
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If you or your client’s business is facing financial distress it can be a stressful and worrying time for all involved. It can also be daunting to be presented with an overload of information and options on what to do next. Perhaps a formal...
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A restructuring plan is a recently introduced court-supervised process that allows financially distressed companies to restructure their liabilities and reach a binding compromise with their creditors and/or shareholders. It must have approval from...
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The Debt Respite Scheme is the official name for Breathing Space, a government programme that grants those individuals in debt a break from the stress of missed payments and a chance to catch up financially. If you’re struggling to pay off your...
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Car dealer John Brian Capper from Shipley, West Yorkshire, has been sentenced to an 18-month community order, including 250 hours of unpaid work, after failing to provide books and records when his company was wound up due to alleged tax liabilities...
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Important insolvency legislation changes have been proposed which mean that Directors of dissolved companies, particularly those that have received government support through bounce back loans or CBILS, can be investigated by the...
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A furniture boss from Stockport has been banned for 8 years after declaring bankruptcy before starting a new company with a prohibited name. Allan Kenneth Barke (34), had been the director of Cheshire Fitted Furniture Limited from...
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The beginning of May saw the first letters go out requesting repayment of Bounce Back Loans (BBLs) which were made available by the Government from March 2021. But what happens if you can’t afford to pay back the loan and if you are a...
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Bankruptcy is a frightening prospect with lasting implications so it’s no wonder that you may be reluctant to consider it as an option if you’re struggling to pay debts. If your circumstances allow, a Debt Relief Order may prove to be a...
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