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Insolvencies jump 43%
Startling new statistics have revealed the number of insolvent companies jumped by a staggering 43% in August 2022. Although high inflation has led consumers to reduce spending, this paints a bleak picture of the future of UK businesses. The government finally acted by freezing energy prices to lessen the blow of the recent hike in…
Read MoreMediation compulsory for County Court claims
The Ministry of Justice (MoJ) recently announced plans to introduce compulsory mediation sessions for County Court claims valued under £10,000. Under the new proposal, defendants and claimants with small claims under £10,000 must participate in a one-hour telephone mediation. The court will allow 28 days for the phone call to take place after close of…
Read MoreOptions for a profitable but insolvent company
As reports of company insolvencies come streaming in, it’s important for directors to weigh up business rescue options in advance. Panicking and making rash decisions under pressure could lead to a tragic , but wholly avoidable outcome. It is important to note that liquidation is not the only option available to you. One alternative is…
Read More50% increase to bankruptcy and liquidation fees
Just months after lifting the temporary restrictions on winding-up petitions, the Government has revealed plans that will make it harder for thousands of SMEs and microbusinesses to collect debts and force debtors into insolvency procedures. The Insolvency Service plans to hike in the cost of two key payments later this year. Firstly, the deposit a…
Read More3 alternatives to liquidation for directors
A clever director will be considering their options as the number of corporate insolvencies continues to rise in 2022. Still, try not to make rash decisions as they can lead to bad results. There are several alternatives to liquidation that can help a proactive director move forward with an insolvent but profitable business. An agreement…
Read MoreBBC expose unregulated investment scam
The BBC has shone a light on a huge investment scheme failure this week in Panorama: The Billion Pound Savings Scandal. The show centres on the failure of unregulated investment scheme Blackmore Bond, which collapsed owing investors over £40m. As per many of these situations, prospective investors were: Nevertheless, the scheme collapsed in April 2020…
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