Lauren Tavener Recent History and Economics graduate and content writer for Credit Strategy. The spike in the last quarter was driven by a rise in the number of IVAs, which accounted for 77% of total insolvencies during Q4. The Insolvency Service said that IVAs accounted for 70% of all personal insolvencies during 2020. There were…
INCREASING numbers of individuals declared themselves bust in the final three months of 2020. Official data from the Insolvency Service shows there were 31,059 individual insolvencies in the four quarter of 2020, up 57% on the previous three months. 2 The number of IVAs rose 90% during the fourth quarter of 2020 The Insolvency Service…
The number of individuals unable to pay their debts rose to 31,059 between October and December, a 57% increase from the third quarter, the Insolvency Service said on Friday. Total personal insolvencies in 2020 were down 9% compared with 2019 Figures distorted by government response to the pandemic, including reduced enforcement, enhanced support for firms…
The number of personal insolvencies recorded in England and Wales fell to a three-year low in 2020. The Insolvency Service said there were 111,424 individual insolvencies in 2020 a total which was down by 9% on 2019. It marked the lowest annual figure since 98,897 personal insolvencies were recorded in 2017. The service said the…
Mazars has appointed 10 partners across the UK, six internally promoted and four joined Mazars as school leavers or graduates. The partners are: Lara Brennan, Rebecca Dacre, Leanne Finch, Alan Frost, Phuong Gomard, Ian Goodwin, Xavier Larrieu, Nick Nesbitt, Zoe Peck and Natalie Wright. Grant Thornton has promoted Colin Diss to partner in its insolvency…
Suddenly no one wanted to come to the shopping centre. It was pretty brutal, says Smith, who owns the Lollyology store in Westfields Knox City mall in Melbournes east. He managed to hold on by launching a website in three days flat, selling the bulk of pre-ordered stock at cost, delivering orders himself and negotiating…
SINGAPORE – Small and micro companies that have been hit hard by the Covid-19 pandemic and need to restructure their debts to stay viable or wind up their businesses can apply for support to do so under a new programme from Friday (Jan 29). Applications for the Simplified Insolvency Programme (SIP) will be open until…
Nelson Loh, co-founder of the Bellagraph Nova spotlighted for a series of false claims including doctored photos with ex-U.S. President Barack Obama has been judicially declared bankrupt after DBS commenced proceedings against him over outstanding debt. Nelson Loh was adjudged a bankrupt, according to a Business Times report citing Singapore High Court documents, over S$14.2…
Santander’s Madrid HQ Glenn Maud, an investor who during the last boom bought some of the worlds most expensive buildings, has been declared bankrupt after losing a near seven-year court battle. Maud was declared bankrupt in November following a petition lodged in 2014 from Libyas sovereign wealth fund, anotice from the High Court of Justiceshows.…
These rules, which absolved directors from personal liability if their businesses traded while insolvent, have been replaced by legislation that includes a new, streamlined SME restructuring process that came into force on 1 January. As of that date, a company with debts due and payable, that they cannot pay, is technically insolvent and its directors…