When the corporate insolvency statistics for July 2023 were released by the Insolvency Service, all the focus by commentators was on the macro aspects of the numbers. Insolvencies for the whole of the UK totalled 1,837, a slight dip of 4% from July 2022 but still well ahead of July 2019 when failures were 18% lower. Cumulatively for the first
Challenges Faced by Residential Landlords with Multiple Property Ownership in Scotland The landscape of residential property ownership in Scotland has undergone significant shifts in recent years, giving rise to a new set of obstacles for landlords. In particular, the confluence of rising interest rates and the government cap on rent increases has cast a shadow on the once lucrative buy
The Insolvency Service has just published its three-year review of the implementation of the latest piece of UK insolvency legislation, the Corporate Insolvency and Governance Act 2020 (CIGA), noting that while its provisions were broadly welcomed initially, the take up of the its procedures have been modest at best. By the end of June 2023, there had only been 45
A wide-ranging article this week in the Financial Times highlighted the plight of care home finances as operators struggle with surging interest rates. The article quotes a number of sector experts warning that care home closures will inevitably rise, putting further pressure on the sector’s capacity just as demand is rising from an ageing population. Variable rate finance The article
The corporate insolvency statistics for June 2023 published today show an ongoing and worrying trend for UK businesses. A perfect storm of interest rate rises, savage input costs and labour force pressures, coming so soon after the pandemic, have led to business insolvencies soaring to 60% in June. Here is the breakdown of the last six months. June 2023 2,290
The appointment of Opus Restructuring & Insolvency as provisional liquidators to supervise the continuing trading and eventual winding down / closure of Hogganfield care home in Glasgow and Skye View in Airdrie in early June is just the latest bad news for the Scottish residential care sector, which had already been experiencing the largest number of closures for many years
