More companies in England and Wales went bankrupt in March than at any point since monthly records began three years ago. With businesses struggling with rising bills, higher interest rates and a stagnant economy, the Insolvency Service said the number of corporate insolvencies jumped to 2,457 last month, up 16% on a year earlier and…
Following the March company and individual insolvency statistics published by The Insolvency Service this morning, financial industry experts have commented. Ian Hepworth, director of Croydon-based Funding Solutions UK: Increasing insolvencies are sadly a sign of the times, as macroeconomic headwinds continue to bite. The withdrawal of government support from businesses, higher interest rates, stubbornly high inflation, wage demands and…
Member Article R3 responds to March 2023 insolvency statistics Corporate insolvencies increased by 37.7% in March 2023 to a total of 2,457 compared to Februarys total of 1,784, and increased by 15.9% compared to March 2022s figure of 2,120. o Corporate insolvencies increased by 145.9% from March 2021s total of 999 and by 99.3% from…
Over 450 directors have been disqualified by the Insolvency Service in 2022-23 for abusing the COVID-19 financial support scheme, as the agency continues to clamp down on pandemic fraudsters. Figures published today by the Insolvency Service also show that directors guilty of COVID-19 related misconduct are being hit with longer disqualification periods. The average length…
The speakers and attendees at the ICCAs seminar on corporate restructuring and good corporate governance Around 20 in-house lawyers attended an Indonesian Corporate Counsel Association (ICCA) seminar on 14 March in collaboration with GHP Law Firm titled Corporate restructuring (M&A Holding Company): Parenting and GCG Group. GHP partners Mohamad Kadri, Muhammad Karnova, and Yohanes Brilianto…
International law firm Womble Bond Dickinson has strengthened its London restructuring and insolvency practice with the appointment of Amy Gallimore who joins as partner. Amy specialises in corporate and personal insolvency law, representing insolvency practitioners and stakeholders affected by financial distress including directors, shareholders and creditors. With strong expertise in the financial services sector in…
The insolvency avalanche has regained momentum in Australias construction industry and still in its path are hundreds of companies precariously teetering on the brink of collapse. New data indicates insolvencies in the sector are trending to surpass 2000 for the 12 months to the end of Junethe highest in more than a decade. I’d say…
I nsolvencies last month rose to the highest level since the Government began collecting the statistics four years ago, exceeding pandemic-era highs. There were 2,457 companies declared insolvent last month, up 16% from March 2022, as well as 288 compulsory liquidations, double the figure from a year earlier. This, the Government said, was partly due…
About a year ago, the Tokyo Stock Exchange introduced a major consolidation of its market segments with the aim of attracting more investments. But the move left many investors feeling frustrated. They claimed that the market reorganization didnt deal with fundamental issues, such as allowing a slew of underperforming firms to cling to the top…
Apr 18, 2023 5.57pm Business collapses hit a 3 year high last month, to jump back above pre-pandemic trends for the first time, as rising interest rates and a cooling economy bite corporate Australia. Insolvency lawyers say the end of the cheap money era, banks becoming less forgiving of distressed corporate borrowers and the Australian…