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UK company insolvencies in Q3 2021 were 43% higher than in Q3 2020.

Latest data from the Insolvency Service has indicated that, after seasonal adjustment, in Q3 2021 the number of company insolvencies was 17% higher than in Q2 and 43% higher than in Q3 2020. This was driven by an increase in creditors’ voluntary liquidations (CVLs) to the highest quarterly level since Q2 2009. One in 341 active […]

Corporate insolvencies increased by 55.8% in September 2021 compared to September 2020.

The Insolvency Service’s latest September 2021 corporate insolvency statistics for England and Wales found that corporate insolvencies increased by 7.2% (to 1446) in September 2021 compared to August’s figure, and increased by 55.8% compared to September 2020’s figure of 928. The increase was driven by a rise in Creditors’ Voluntary Liquidations, which increased for the […]

The number of UK corporate insolvencies is about to erupt.

he latest Insolvency statistics released by the UK Government show that the number of registered company insolvencies in September 2021 was 56% higher than September last year. This is the largest number of company insolvencies since before the pandemic began, with the number of insolvencies now just 4% lower than the number registered in September […]

Late payment debt is as high as £200,000 for 19% of UK SMEs.

New data from Time Finance reveals that 70% of UK businesses are suffering from late payments from their customers with late payment debt as high as £200,000 for 1 in 5 business owners. The findings come despite the UK Government introducing a Prompt Payment Code which was put in place to ensure small businesses receive […]

562,000 UK businesses are in financial distress.

New research by Begbies Traynor has found that despite the Q3 improvement in the financial performance of businesses, the numbers of significantly distressed companies (562,000) is still 15% higher than pre-pandemic. In the past quarter, there has also been a 17% rise (to 1,668) in critically distressed businesses. Support Services (87,694), Construction (72,465) and Real […]

Toxic debt increased by £1.9 trillion in 2020.

New data from Begbies Traynor Group has found that UK corporate debt soared by £1.9 trillion to £6.6 trillion in 2020, and 52% of UK businesses are “now saddled with toxic debt” that may never be repaid. Begbies Traynor also expects that the repercussions of these ‘toxic debts’ will be exacerbated by many creditors calling […]

Don’t let the next one that falls affect your business.

A bad debt doesn’t just hit the bottom line. It affects how you progress. You may be able to absorb the debt and shrug it off.But think ahead. What will it mean to your business?  Taking more risk to get back what you’ve lost, delay planned investment, reduce planned expansion,  or just leave you with a […]

There are 5 Steps from Order to Getting Paid

There are 5 Steps from Order to Getting Paid At each step there is a cost. This can be the purchase of the goods and materials, labour, distribution, advertising, marketing, promotion. Add on the fixed costs to the business and the end selling price covers all the cost and leaves money left as profit. But […]

2021 – the Year of the Domino Effect?

Even the best credit control can’t prevent a customer’s business from becoming insolvent, leaving you with an unexpected debt and extra problems with cash flow. For business, the impact of suddenly being exposed to debt could be devastating and can take even large organisations to the brink by starving them of vital funds. This is […]

Know your customer

Knowledge is power, as the phrase goes, so make sure you use it wisely. Check the exact name and legal status (you will need this if you ever have to take legal action to recover a debt) · Use headed paper to verify company details · Make sure the order is from the same entity · Use a […]