Insolvency figures for September 2024 reflect both monthly and yearly changes, alongside significant developments in the construction sector. Total Company Insolvencies:1,973 cases, marking a 2% increase from August 2024 with 30 more cases, but a 7% decrease compared to September 2023. Breakdown by Insolvency Type: Creditors’ Voluntary Liquidations (CVLs):1,575 cases, up 2% from last month. […]… Continue Reading
When a company faces insolvency, administration can offer salvation – a chance to reorganise and breathe. This legal process, introduced by the Insolvency Act 1986, aims to rehabilitate struggling companies, giving them some much-needed “breathing space” from creditors while they work towards recovery. What is Administration? Administration allows an insolvent company to be restructured and […]… Continue Reading
Compulsory liquidation is a legal process where a court orders the winding-up of an insolvent company, typically at the request of a creditor, because the company cannot pay its debts. Once the order is made, the company ceases trading, and an appointed liquidator will sell the company’s assets to repay creditors. Key Facts: Petition to […]… Continue Reading
Creditors’ Voluntary Liquidation (CVL) is a formal insolvency process initiated by the company’s directors when they realise the company is insolvent and can no longer pay its debts. In this process, the company voluntarily chooses to wind up its affairs and liquidate its assets, with creditors having the right to appoint a liquidator to oversee […]… Continue Reading
Understanding the CVA When a limited company is struggling financially, the directors might consider a Company or Corporate Voluntary Arrangement (CVA) as an alternative to liquidation. This option is specifically available to limited companies. Sole traders and partnerships would need to explore different avenues, such as an Individual Voluntary Arrangement (IVA). What is a CVA? […]… Continue Reading
Celebrating our Impressive Debt Recovery Results – £100 Million (& Counting) Our chasing letters and emails boast a remarkable 90% success rate for our members, proving to be an effective tool for prompting slow payers to settle their debts. Members benefit from up to 10 free chasing letters per month and unlimited free chasing emails. […]… Continue Reading
Celebrating our Impressive Debt Recovery Results – £100 Million (& Counting) We are delighted to announce a major milestone in our journey—our debt recovery services have successfully collected over £100 million for our members in the construction industry in the last 12 months. One of the most common questions we get asked is Can I […]… Continue Reading
Celebrating our Impressive Debt Recovery Results – £100 Million (& Counting) We understand that trading relationships can be delicate and the subject of debt recovery can be a sensitive topic, this is why our approach in collecting your overdue balance will change depending on your trading relationship. When further intervention is needed, our agency is […]… Continue Reading
We are delighted to share that in the last 12 months, our efforts through our debt recovery services have resulted in successfully collecting over £100 million for our members of the construction industry. This milestone is a testament to our commitment to professionally representing our members in a collections capacity, our drive to achieve results […]… Continue Reading
The Insolvency Service has released the latest statistics for August 2024, offering key insights into the state of insolvency in the UK. These figures are essential for businesses looking to understand the current economic climate and adapt accordingly. Key Highlights for August 2024: Breakdown of Insolvency Types: Yearly Comparison of Insolvency Types (August 2023 vs […]… Continue Reading
