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
Those outside the lending and insolvency communities could be forgiven for struggling to understand the difference between Fixed and Floating Charges over business assets and why it can matter so much. Now there is a High Court ruling in the case of Avanti Communications, which simultaneously introduces both more flexibility and more uncertainty about the key characteristics of a Fixed
All businesses go through phases and cycles: from formation to growth to plateauing and, in some cases, on into decline and beyond. Good management sees the red flags early and takes corrective action before the downturn sets in and becomes irreversible. Here, we outline the critical warning signs and the process of recovery, which is outlined in this diagram. Budget
Late payments, especially by large businesses delaying settlements to smaller ones, have been a bone of commercial contention for decades. Beyond the devastation it causes to the cash flow of the victims, capital investment is often inhibited and at a time when this is so badly needed to boost the UK’s faltering GDP growth. In theory, an unpaid creditor can
What happens to the funds raised by Insolvency Practitioners (IPs) after they are appointed as Administrators or Liquidators? This is a mystery to almost everyone outside the insolvency profession and is so often the source of huge misunderstanding and upset amongst those stakeholders who find themselves at the end of the queue for distributions. The best way is to look
