A rise in the number of creditors taking court action to recover debts has led to fears of a surge in insolvencies in the New Year. There were 21,764 County Court Judgments lodged against companies in the three months to the end of September – a rise of 51% on the previous quarter. Between July
A rise in the number of creditors taking court action to recover debts has led to fears of a surge in insolvencies in the New Year. There were 21,764 County Court Judgments lodged against companies in the three months to the end of September – a rise of 51% on the previous quarter. Between July
More than 1,400 firms ceased trading in September as insolvency figures reached their highest level since March 2020. Finance experts fear there is worse to come as the furlough scheme and other government support for businesses come to an end. Some of the smaller energy suppliers were among the 1,446 companies to go bust in
The number of company insolvencies has risen to the highest level since the first Covid lockdown more than a year ago. The latest figures from the Insolvency Service show that in August, corporate insolvencies had increased by 71.1% compared to August 2020’s figure of 788. There was also a large monthly increase of 22.9% to
Two financial services directors have been disqualified for continuing to trade and take money from clients while their company was insolvent. Paul Rossi was a director of Independent Derivative Traders Ltd. The company traded as ‘Futex’ and provided access to a financial markets trading platform for sub-contracted independent traders. He was joined in the management
The government is introducing new legislation to target company directors who dissolve their businesses for their own gain and leave staff or taxpayers out of pocket. The Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a strong deterrent against the misuse