The number of company insolvencies in England and Wales jumped by a third compared to pre-pandemic levels in December 2021 The number of registered company insolvencies reported in December 2021 sat at 1,486, which is an 11.4% decrease from the 1,674 reported in November but a 20% increase from the 1,237 reported in the same…
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As the UK government’s temporary restrictions on statutory demands and winding up petitions are phased out, Paul Reeves and Joanne Wright, restructuring advisory at Kroll, recommend a triage approach to overcome the challenges ahead The Insolvency Service has announced that temporary restrictions on creditor action, introduced in the Corporate Insolvency and Governance Act 2020, are…
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The UK travel industry has seen a 17% rise in insolvencies in the last year despite the industry finally opening-up According to data by the audit, tax, and advisory firm Mazars, insolvencies of UK travel agents and tour operators has jumped from 59 to 69 in the last year with the month of July having…
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Pandemic crisis restrictions are beginning to be lifted but what are the changes and what can you do if a winding-up petition is issued against your business? Surprisingly corporate insolvencies have been very low during the pandemic, even when compared to good trading conditions. There are many reasons for this, but one is undoubtedly the restrictions…
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The number of company insolvencies in September 2021 sat at 1,446 which is 99 more than recorded in August and 56% higher than last year’s figure of 926. The figure is 4% lower than the number registered pre-pandemic which sat at 1,510. The September figure continues the increase in the number of company insolvencies over…
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Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was to ensure that viable businesses affected…
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The government has given businesses much-needed breathing space with extension of insolvency measures under the Corporate Insolvency and Governance Act to relieve pressure on businesses dealing with coronavirus. The government announced it intends to extend the power (granted through the Corporate Governance and Insolvency Act) to make temporary amendments or modify the effects of corporate…
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