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
Does the new government necessarily herald a new economic era? There has certainly been a change of tone, even if it seems rather more difficult to detect an actual change of mood as yet.
Decades of increasing globalisation and the dominance of ever more complicated multi-national corporate groups have meant that even quite small and otherwise straightforward UK businesses have international relationships that become far more problematic in an insolvency scenario. The issues may concern an unpaid receivable, a key supplier relationship, an overseas joint venture or a foreign subsidiary. Tangible assets may be
