Our latest UK hospitality sector report published last November highlighted a marked deterioration in the industry’s finances, as well as a worrying reduction in its size. We speculated that the outcome of the key Christmas and New Year trading season would be vital for prospects in a challenging year ahead in 2025. We are now beginning to get a sense
Creditors’ Voluntary Liquidations (CVLs) are by far the most common UK corporate insolvency process. In the last ten years, CVLs have averaged 74% of all UK business failures, rising to 85% in the last three years. There have been an average of 16,808 CVLs per annum over the last ten years. In 2023, CVLs were at their highest levels for
Amid the top-line triumphs of certain high profile retailers being trumpeted in the media, the early judgment on the 2024/25 festive season has been largely negative. This article considers the position of retailers after a disappointing Christmas. The fear is that disappointing trading has left many businesses in a risky position ahead of the Budget cost implications set to take
As 2024 drew to a close, it was difficult to imagine a more downbeat mood among economists and, more importantly, business leaders about the state of the UK economy. Dire warnings have come from the CBI and the British Retail Consortium, prompted in large part by deep disquiet about the October Budget. It was unfortunate that these pronouncements were published
The effects of the tax changes for Partnerships and Partners is about to be felt These are testing financial times for the many professions such as accountancy, legal practices and other businesses run through Partnerships. In January 2022, HMRC announced changes to the basis on which the profits of standard Partnerships and limited liability Partnerships (LLPs) would be assessed, starting
A Notice of Intention (or NOI) to appoint Administrators is a preliminary process used by a Company to inform certain parties that it intends to go into Administration. The NOI document is submitted to Court and has the effect of immediately stopping any ongoing or threatened creditor legal action against the Company. Why file an NOI? The use of the
