In this month’s business overview, we take a look back on 2023 and investigate what growth predictions might be made for the coming year An unwelcome last minute GDP revision from the ONS harks a coming recession A quarterly movement of 0.1% in the UK’s GDP is not normally the stuff of media headlines, but when the Office for National
Opus Restructuring LLP, the restructuring and insolvency arm of Opus Business Advisory Group, is pleased to announce the purchase of the business and certain assets of SKSI Limited and its subsidiary MLM CPS Limited the restructuring and insolvency division of SKS Business Services, which completed on 7 December 2023. Opus Business Advisory Group assists businesses and individuals to take command
The surge in corporate insolvencies for November 2023 announced by The Insolvency Service has left the UK economy on the cusp of an unwanted and deeply unenvious record. It looks increasingly as though there will be a record number of company failures in 2023, eclipsing the previous high of 26,556 at the height of the global financial crisis in 2009.
The Economic Crime and Corporate Transparency Act received Royal Assent on 26th October 2023 and introduces “world leading powers” in combating criminal groups and others Suella Braverman, Home Secretary said: “I am committed to ensuring criminals do not profit from their offending and this landmark act will help law enforcement clampdown on the tactics they use. It will have a
Zombie companies with negative balance sheets and surviving only through the indulgence of their creditors have long been a worrying feature of the UK economy, creating unlevel playing fields for healthy competitors and acting as a drag on GDP growth. Our research in June 2022 revealed that there were 257,150 UK registered companies with liabilities that exceeded their assets by
There are many ways in which Directors can be made to contribute towards the losses suffered by creditors when a company fails. The best known being Wrongful Trading. Less common are actions for Fraudulent Trading and Misfeasance. The 2020 Finance Act gave HMRC draconian powers to recover unpaid company tax liabilities from Directors. Directors who have taken illegal dividends and
