The looming insolvency crisis

A record number of corporate insolvencies in the first quarter of 2022 suggest the corporate sector faces a crisis

Back in May, we warned that a wave of company failures would hit UK firms in the latter half of 2022. Just three months later, it appears the situation may be even grimmer than predicted. This week, reports revealed that corporate insolvencies were up more than 80% in the past quarter compared to 2021. This…

Read More

Company insolvencies rapidly increasing

A surge in company liquidations in England and Wales since the Covid-19 pandemic

Government figures reveal a 40% increase in the number of registered companies that entered insolvency procedures during the past year. Newly-released data shows the number of companies entering statutory insolvency procedures has risen 15% compared to pre-pandemic levels in June 2019. Furthermore, the number of companies that were placed into a creditors’ voluntary liquidation (CVL)…

Read More

Business rescue advice: administration vs CVL

administrations are usually longer and more expensive than CVLs

When directors resolve not to rescue an insolvent company, an insolvency practitioner (IP) may recommend placing the company into administration. However, in many instances a creditors’ voluntary liquidation (CVL) would be a more suitable insolvency procedure. Whereas companies remain in administration for at least 12 months, CVLs usually take less time and therefore incur fewer…

Read More

Insolvency & Law Shortlisted for “Insolvency and Restructuring Firm of the Year 2016″ award

Insolvency and Restructuring Firm of the Year

London-based magazine Finance Monthly, which is distributed to more than 100,000 readers across the globe, recently shortlisted Insolvency & Law (I&L) in the category of British ‘Insolvency and Restructuring firm of the year, as part of the  eighth annual Finance Monthly Global Awards. To celebrate the nomination, below, I&L director Peter Murray shares his thoughts…

Read More

Creditors Voluntary Liquidations Will Be Popular in 2011

Thousands of struggling company owners will voluntarily close their businesses this year, and most of those that do will use a Creditors Voluntary Liquidation (CVL) process. A CVL is perhaps more popular than a Compulsory Liquidation as it allows directors to put a company into liquidation with their shareholders’ approval and permission from creditors. If…

Read More

How Do You Protect Yourself as a Director When Your Company Has Been Liquidated?

After a company is liquidated either through a Creditors Voluntary Liquidation (CVL) or compulsorily winding up by the court, the actions of the directors during the previous 12 months usually come under  careful  scrutiny. If the liquidator (or official receiver) believes the director(s) in question did not act in accordance with their duties, they can…

Read More
Scroll To Top