National Insolvency figures published (17 Aug 2021) by the Government’s Insolvency Service have indicated a 13% increase in business insolvencies in England and Wales compared to the number registered in the same month in the previous year (965 in July 2020), but 24% lower than the number registered two years previously (pre-pandemic; 1,442 in July 2019)[1]. Since the start […]… Continue Reading
The Corporate Insolvency and Governance Act 2020 introduced provisions to the Insolvency Act 1986 which came into force on 26 June 2020. The moratorium is part of a package of significant legislative reforms intended to enhance the UK’s restructuring and rescue culture. The changes allow breathing space for businesses in financial distress giving them an […]… Continue Reading
When the first covid lockdown hit in March 2020 many construction businesses stopped trading and for a short time the focus shifted to collecting unpaid invoices and debt recovery. At the time, government support including the furlough scheme supported the collections process and helped businesses to maintain relationships with customers whilst collecting cash. Now the […]… Continue Reading
Within this article we take a high-level look at the different types of corporate insolvency processes. As with every insolvency process these can be complicated and time consuming so, please feel free to contact us should you have specific questions about any of the following processes. Company Voluntary Arrangement (CVA) A Company Voluntary Arrangement (CVA) […]… Continue Reading
National Insolvency figures published (16 July 2021) by the Government’s Insolvency Service have indicated a 19% increase in business insolvencies in England and Wales compared to the previous month’s figure of 1,014, this is a rise of 63% compared to June 2020’s figure of 741[1]. The number of registered company insolvencies in June 2021 was 1,207 this […]… Continue Reading
As someone who might be owed money one of the first questions you may ask yourself is am I a creditor in this liquidation? You are a creditor if the company owes you money. You may be owed money because you: supplied goods or services to the company. made loans to the company. paid for […]… Continue Reading
To help protect businesses from insolvency, several changes were introduced under the Corporate Insolvency and Governance Act (2020) (Coronavirus) including the restriction of statutory demands and winding-up petitions which have previously been extended on a number of occasions up until end of 29th June 2021, means winding up petitions are prohibited if the statutory demand served was between […]… Continue Reading
The increased threat from scam and fraudulent activity has prompted Companies House (21st June 2021) to provide updated guidance on What to do if you think you’ve spotted a scam pretending to be from Companies House, giving stark examples of scam emails, letters and telephone calls. Companies House report examples that include businesses and individuals being contacted and […]… Continue Reading
The Insolvency Service has announced the High Court’s decision to wind up rogue recovery service Global Investigations and Recoveries Limited (17 May 2021). The Government press release published 2 June 2021[1], states that Global Investigations and Recoveries Ltd failed to ‘co-operate with the Insolvency Service’s enquiries and did not deliver any accounting or trading records. Investigators […]… Continue Reading
Every year, thousands of insolvency notices are sent to creditors of companies that are subject to some sort of formal insolvency procedure. In our experience, these notices are either disregarded or treated with apathy due to the general perception that the insolvency of a customer will lead to a full debt write off and dividend […]… Continue Reading
