Samantha Keen, UK Turnaround and Restructuring Strategy Partner at EY-Parthenon: Quarterly company insolvencies reached over 6,300 for the first time since 2009 in Q2 as many businesses struggled to contend with a sustained mix of pressures. Although company insolvencies have been steadily increasing over the last 18 months, largely driven by Creditors Voluntary Liquidations (CVLs),…
DetailsNew consumer duty rules introduced by the Financial Conduct Authority (FCA) aim to set clear standards for the protection of financial consumers. Banks, building societies, investment and insurance firms, as well as many other types of business, are being told to put their customers needs first. The timing couldnt be better. Amid a cost of…
DetailsCompanies NAK Naftohaz Ukrainy PAT Follow KYIV, July 28 (Reuters) – Ukraine’s Naftogaz said on Friday that holders of its 2022 and 2026 bonds had approved debt restructuring proposals, opening the way to ending a months-long default. “The outstanding success of this consent solicitation, which was supported by over 85% of the holders, will allow…
DetailsThe number of corporate insolvencies in the second quarter of 2023 was the highest since 2009 according to new statistics, a highly concerning fact, according to John Cullen, business recovery partner at Menzies LLP. Released by the UK government on July 28, insolvency statistics showed there were 6,342 recorded company insolvencies in Q2, reflecting…
DetailsMember Article R3 responds to Q2 2023 insolvency statistics There were 6,342 seasonally adjusted corporate insolvencies in Q2 2023 a 8.9% rise compared to Q1 2023s total of 5,824. o Corporate insolvency levels for Q2 2023 were 13.1% higher than Q2 2022s figure of 5,606, 105.8% higher than Q2 2021s total of 3,082, and 44.7%…
DetailsThe Insolvency Service said the total was predominantly creditors voluntary liquidations, where owners choose to dissolve their businesses (PA) (PA Archive) Insolvencies in England and Wales soared further in the second quarter of the year, reaching the highest level since 2009. In total, 6,342 companies were declared insolvent. That was up 9% from Q1, which…
DetailsFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails The number of firms falling into insolvency in England and Wales surged to the highest level for 14 years in the past quarter, according to Government figures. Insolvency…
DetailsI nsolvencies in England and Wales soared further in the second quarter of the year, reaching the highest level since 2009. In total, 6,342 companies were declared insolvent. That was up 9% from Q1, which was also much higher than normal. Most insolvencies were creditors voluntary liquidations, but the biggest jump was in compulsory liquidations.…
DetailsThere has been a surge in the number of people seeking breathing space from their debts while corporate insolvencies are running at levels not seen for 13 years, according to official figures. The Insolvency Service data covering England and Wales during the second quarter of the year showed 6,342 companies were registered as insolvent in…
DetailsCineworld said on Friday that it will suspend its listing on the London Stock Exchange as part of plans to restructure its business and accounts to reduce heavy debt. The company revealed last month that it would file for administration in the UK. The worlds second-biggest cinema chain, which owns Regal in the U.S., filed…
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