The calendar year 2023 gave us the unwelcome statistic of the highest annual figure for business failures on record, as 26,766 companies across the whole UK went into one or other insolvency procedures. Since then, the rolling twelve-month total rose almost uninterrupted until it reached 27,188 in July 2024. The publication of the latest corporate insolvency number of 1,976 for
The old business cliché that ‘Cash is King’ has a dark flip side for businesses. A lack of cash can mark the trigger point for a business’s decline. When cash flow is poor, bills may not be paid on time, meeting payroll becomes an issue, suppliers may query the delivery of goods and services or even cease taking orders through
When we last reported on the financial health of the hospitality sector in June this year, the position was far from positive. In particular, we noted that: The average financial health rating for the hospitality sector is only 31 out of 100, compared to the whole economy at 45. Over half of hospitality companies are at serious risk of insolvency
The number of pre-pack Administrations has increased dramatically since new regulations came into force in 2021 aimed at bringing more scrutiny and transparency to the asset sales they facilitate. Since the introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021, the number of pre-packs has risen 171% from 201 in 2021 to 545 in 2023, according
Within a week of its election in early July 2024, the new government was shouting from the rooftops about its ambitious plans to address the UK’s housing crisis by building 300,000 new homes a year over the five-year life of the current parliament. This is mainly to be facilitated by significant reforms to the planning system, which the major housebuilders
The corporate insolvency statistics for July 2024 published by the Insolvency Service showed that it was another worryingly busy month for business failures, although it was quieter than the preceding month. There were 2,287 insolvency filings, compared to 2,487. Nevertheless, this July’s figure was higher than the same month in any year since before the pandemic in July 2019. As
