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According to the latest corporate insolvency index from Insolvency Australia, there has been a massive 133% increase in court wind-ups during the first half of the 2024 financial year compared to the previous period.

The Insolvency Service has published the insolvency statistics for August 2024, it seems that numbers of corporate insolvency have fallen since July 2024, are lower than in August 2023 and that rates of corporate insolvency, the number of insolvencies per 10,000 companies, are lower than in the 2008/2009 recession. The Insolvency Service does however point out that the number of registered companies has almost doubled since the 2008/2009 recession - the rates of insolvency are accordingly not strictly comparable. Comparison with the actual number of corporate insolvencies in 2008/2009 would be very interesting. #insolvency #insolvencypractitioner

🗞️ "January 2024 saw the highest corporate insolvency figures for the month of January in four years." Read the full article here ⬇️ https://lnkd.in/easPFXRy #UKEconomy #Insolvency #BusinessRecovery

This week we explore the various types of Corporate Insolvency. Each procedure has its pros and cons and the right choice depends on the company’s financial state, the level of creditor support, and the likelihood of rescuing the business. Seeking professional advice early is key. #InsolvencyPractitioners #Insolvency #BusinessAdvisory #Liquidation #KeywoodGroup Laura Walshe (MIPA, MABRP) Steph Jolly Harry Chahal

The Marcy 2024 insolvency statistics have been published. Corporate insolvencies are down on February 2024 and on March 2023 but still remain higher than the period from 2014 - 2022 including the pandemic. #insolvency #insolvencypractitioner

Corporate insolvency occurs when a company is unable to pay its debts as they come due or when its liabilities exceed its assets. Depending on the financial situation and objectives, there are several types of insolvency procedures that a company may enter into.

Facing insolvency is a reality for many Australian businesses at the moment. From dealing with high interest rates to cash flow issues left over from the pandemic, business owners are definitely feeling the pinch and pressure. Understanding corporate insolvency and the options available can give business owners an ace up their sleeves. ASIC-Registered Liquidator, Richard Lawrence, has put together a great article that outlines the ins and outs of corporate insolvency, helping Australian business owners get back on the front foot. Check out the full article below

Ministry of Corporate Affairs (MCA) to Enhance Recovery from Corporate Insolvency Process July 01, 2024 The Ministry of Corporate Affairs (MCA) is actively working on increasing the recovery from the corporate insolvency process under the Insolvency and Bankruptcy Code (IBC), according to MCA Secretary Manoj Govil. Speaking at an event in New Delhi on July 1st, Govil emphasized that this initiative aligns with the government's broader agenda to improve ease of doing business. This encompasses efficient processes for setting up operations, conducting business, and winding up. An August 2023 analysis of 542 corporate insolvency procedures completed under the IBC, 2016 revealed a recovery rate of 30.8%. For more details, read here: https://lnkd.in/gucZYUUu #CorporateInsolvency #InsolvencyAndBankruptcyCode #EaseOfDoingBusiness #MCA #RecoveryRates #BusinessNews #CorporateGovernance #IndiaBusiness #PolicyUpdate

The Insolvency Service does an excellent job publishing insolvency statistics each month but I do wonder if the previous quarterly figures gave a more reliable view of trends in insolvency. In July 2024 corporate insolvencies were 7.3% down on June 2024 and 15.9% up on July 2023. This is useful information but figures for one month do not indicate a trend. #insolvency #insolvencypractition

The latest insolvency statistics for April 2024 for Scottish companies were published at the end of last week. The figures showed a slight drop of 4% in the number of companies in Scotland going into liquidation or administration when compared to April 2023. However, the figures for March 2024 showed an 11% increase compared to March 2023. As yet, there is no clear trend in the number of liquidations which remain higher than before the coronavirus pandemic. In a compulsory liquidation, a creditor petitions the court to put a debtor company into liquidation. In a creditors voluntary liquidation a company's directors decided to appoint a liquidator. Historically in Scotland compulsory liquidations exceeded CVLs. That trend reversed during the pandemic, principally due to the protection from creditors provided to companies. The latest figures show that the gap is closing and we may see a return to compulsory liquidations making up the majority of corporate insolvency cases. Directors who fear their company is unable to pay its debts should obtain expert advice from a lawyer or accountant with experience in insolvency matters. At Holmes Mackillop Solicitors we can assist directors at what can be a challenging time for them and their company. #debt #insolvency #scotland #statistics