Image credit: Alex Marakhovets // shutterstock.com The latest corporate insolvency figures released by the UK government reveal the countrys food and beverage sector is struggling to cope with multiple headwinds. There were 2,457 UK companies declared insolvent last month, up 16% from March 2022, as well as 288 compulsory liquidations, double the figure from a…
DetailsIn 2018, arts worker Sarah began paying off her student loan debt of $31,330. She didnt think too much about it until this year, when she logged on to her MyGov account to check the balance and saw it had only gone down to $30,630.59. Despite having paid $5,721 from her salary over the past…
DetailsLondon CNN More companies around the world defaulted on their debts in the first three months of this year than in any quarter since late 2020, when businesses were still hamstrung by restrictions to stop the spread of Covid. In a report Tuesday, credit rating agency Moodys said 33 of the corporations it rates…
DetailsMore 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…
DetailsFollowing 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…
DetailsMember 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…
DetailsOver 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…
DetailsThe 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…
DetailsInternational 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…
DetailsThe 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…
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