South East Business’ Post

Corporate and personal insolvencies increased month-on-month, year-on-year and compared to before the pandemic in June, according to figures published today by The Insolvency Service. Commenting on the statistics, R3 Vice President Tom Russell of James Cowper Kreston highlighted that, despite the overall increase in corporate insolvencies, the use of business rescue processes was increasing compared to last month and last year, and that cost of living issues were continuing to take a toll on personal finances. You can read R3’s statement in full here: https://lnkd.in/ecMGevkK R3 Association of Business Recovery Professionals #insolvency #restructuring

R3 President Tim Cooper has warned that the monthly fall in corporate insolvencies between July and August 2024 shouldn’t distract from the difficult trading conditions faced by businesses in England and Wales. Commenting on today’s publication of the August 2024 statistics by The Insolvency Service, Cooper said while the overall economic picture has improved, the market remains a challenging one and urged anyone worried about their financial position to seek advice as early as possible. You can read our full statement on the statistics here: https://lnkd.in/ebzKSvj8   #insolvency #restructuring R3 Association of Business Recovery Professionals

The ATO has a laser focus on debt recovery this financial year, as its recently released corporate plan for FY2024-25 highlights. And the new financial year is off to a rocky start, our latest Corporate Insolvency Index reveals. Thanks Accounting Times for your recent article, with great insights from Insolvency Australia members Jarvis Archer and Scott Andersen. https://lnkd.in/gtBY29qf #insolvency #businessturnaround #restructuring #accountants #accounting #smallbusiness

Insolvencies inch up in South East – but better than last year, says R3 💼🤔 Insolvency-related activity has risen slightly in the South East, says R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe showed a slight increase in insolvency-related activities from 178 in July to 196 in August – these include administrator and liquidator appointments together with creditors’ meetings. This number remains significantly lower than a year ago, when 264 insolvency related activities took place in the region in August 2023. The findings also revealed the number of firms in liquidation which owed money to their creditors in the South East has dropped again from 310 in July to 298 in August. Continue reading... https://lnkd.in/eurVGz5X #insolvency #ukbusiness #southeast #finance #corporatefinance #report #businessnews #businessintelligence

Despite a 7% reduction in the number of insolvencies between June and July this year there is a continuing trend of year on year increases as highlighted in the update below from R3 Association of Business Recovery Professionals. The latest PwC UK Economic Outlook (see https://lnkd.in/eMgjZV42) suggests insolvency numbers have yet to reach their peak. With this in mind the Summer months will be key across many sectors, ranging from consumer, leisure and tourism, where many businesses rely on increased activity during the holiday season, through to education, where the results season will enable students to decide what to do next, providing some clarity for schools, colleges and universities for the year ahead. This will undoubtedly impact the trend over the remainder of 2024.

Both corporate and personal insolvencies in England and Wales increased year-on-year in July, according to new statistics from The Insolvency Service.   Corporate insolvency levels were also 52.2% higher in July 2024 than in July 2019, prior to the pandemic.   Commenting on the statistics, R3 President Tim Cooper said that consumers and businesses were showing signs of being more optimistic about the future, and urged anyone struggling with their finances to seek advice as soon as possible. You can read the full statement here: https://lnkd.in/g9w8RRey #insolvency #restructuring R3 Association of Business Recovery Professionals

Insolvency-related activity has risen slightly in the South East, says R3 Association of Business Recovery Professionals, the UK’s insolvency and restructuring trade body. https://lnkd.in/eiBPXnAJ #business #SouthEastBusiness #insolvencies

It's been great to have taken on the role as Chair of the UK’s insolvency and restructuring trade body R3 Association of Business Recovery Professionals in Yorkshire. We know how challenging it is to talk about your money worries, but taking that step and starting that conversation when the problem is new will give you more options for resolving it and more time to consider your next step. Most R3 members will give potential clients a free consultation so they can learn more about their situation and explain which options are potentially available to resolve it. See more below and my insights on the release of the May 2024 corporate and personal insolvency statistics for England and Wales. https://lnkd.in/dF_Axs48

4 WAYS YOU CAN CLOSE A LIMITED COMPANY Hey everyone, Chris Worden from Director First here. If you’re thinking about closing your limited company, there are four main ways to do it. Which option you choose depends on your company’s situation. Here’s a quick rundown: 1. Dissolution at Companies House How: File a DS01 form at Companies House. What Happens: It gets advertised in the London Gazette. If no creditors object, the company gets dissolved. Cost: £10. Note: You can’t do this if you have outstanding bounce back loans or C bills. Creditors will likely object if you owe money. 2. Creditors' Voluntary Liquidation (CVL) When: Your company becomes insolvent (can’t pay debts when they’re due, liabilities exceed assets). How: Hire an insolvency practitioner to formally close the company. Process: The practitioner handles the liquidation, ensuring a structured wind-down. 3. Compulsory Liquidation When: Your company is insolvent, and you don’t start the voluntary liquidation process. How: A creditor (often HMRC) petitions to wind up the company. Process: You’ll get a day in court, and if you can’t pay the debts, the court orders the liquidation. Downside: You lose control, and the consequences are usually more severe for directors. 4. Members' Voluntary Liquidation (MVL) When: Your company is solvent (enough money to pay off all debts). How: Hire an insolvency practitioner to close the company. Why: Offers tax benefits for distributing remaining funds to shareholders. Scenario: Useful if you have a significant amount of money left (e.g., £25-40k) and want to wind up the company efficiently. I hope you found this useful. If you have any questions, drop a comment, and don’t forget to follow for more insights. Chris Worden, Director First 800 086 2766 book a free call with us here https://lnkd.in/eJijAd_E  We're here to guide you through the complexities of insolvency and help you find the best path forward. #businessadvice #businessdebt #liquidation #businessownersuk #insolvency #businesshelp #expertadvice #financialeducation #bouncebackloan #companydirector #insolvency #bouncebackloan #redundancyrights #businessdebt #companydirector #businesstiktok #FinancialWellness #InsolvencyExperts #DebtSolutions #FinanceTips #DebtManagement

So what do #insolvency #statistics for 2023 tell us............................ https://lnkd.in/evDdyEp4 #mazars #finance #costoflivingcrisis #restructuring #debt #liquidation #financenews #financeandeconomy #bankruptcy