Businesses sidestep insolvency
Although the number of companies entering administration has jumped, insolvency figures have fallen. But figures less encouraging for individuals
Although the number of companies entering administration has jumped, insolvency figures have fallen. But figures less encouraging for individuals
Despite a huge increase in the number of businesses that went into administration over the last quarter, company insolvencies have dropped over the same period.
Administration orders leapt by 47% to 489 (compared to 331 during Q1 2004), but company insolvencies fell by 7.4%.
Companies entering into administration have increased for the sixth quarter running.
Desmond Flynn, Insolvency Service inspector general and agency chief executive, said that it was ‘encouraging’ that companies had entered into administration rather than slipping into insolvency. ‘This offers a better prospect of rescue and a better deal for creditors,’ said Flynn.
However the outlook was less encouraging for individuals, as bankruptcies rose by 27.9% and individual voluntary arrangements – an alternative to bankruptcy – rose by 40.1% compared to the same period last year.
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article