National Insolvency figures published (15 October 2021) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in September 2021 was 1,446: 56% higher than the number registered in the same month in the previous year (928 in September 2020), but 4% lower than the number registered two years previously (pre-pandemic; 1,510 in […]… Continue Reading
In our previous articles we have presented an overview of the most common type of insolvency that you are likely to face as an unsecured creditor, a Creditor’s Voluntary Liquidation. We have provided a high-level summary of the other processes that you may come across leading up to and including the initial meeting of creditors. […]… Continue Reading
National Insolvency figures published (17 September 2021) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in August 2021 was 1,348: 71% higher than the number registered in the same month in the previous year (788 in August 2020), and similar to the number registered two years previously (pre-pandemic; 1,366 in August […]… Continue Reading
The Ministry of Justice UK has published its response to the consultation on ‘Increasing selected court fees and help with fees income thresholds by inflation’. The Government has analysed the responses to the consultation and considered the impact of policy proposals and recurring themes raised by some of the respondents. The consultation invited comments on the proposal […]… Continue Reading
The government has announced (9 September 2021) that the Temporary Insolvency Restriction Protections are being lifted[1] and new targeted measures to support small business and commercial tenants will be introduced. To help protect businesses from insolvency a number of changes were introduced under the Corporate Insolvency and Governance Act (Coronavirus) to protect business from creditor action since […]… Continue Reading
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
