National Insolvency figures published (16 November 2021) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in October 2021 was 1,405: 63% higher than the number registered in the same month in the previous year (864 in October 2020), but 5% lower than the number registered two years previously (pre-pandemic; 1,480 in […]… Continue Reading
With a personal guarantee in place, you may think you’ve got all bases covered should a customer begin to miss payments. However, construction industry creditors often find themselves in costly disputes with guarantors. Vague or badly drafted personal guarantees can leave you high and dry, with creditors questioning the legality or enforceability of a guarantee […]… Continue Reading
National Insolvency figures published (15 October 2021) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in September 2021 was 1,446: 56% higher than the number registered in the same month in the previous year (928 in September 2020), but 4% lower than the number registered two years previously (pre-pandemic; 1,510 in […]… Continue Reading
In our previous articles we have presented an overview of the most common type of insolvency that you are likely to face as an unsecured creditor, a Creditor’s Voluntary Liquidation. We have provided a high-level summary of the other processes that you may come across leading up to and including the initial meeting of creditors. […]… Continue Reading
National Insolvency figures published (17 September 2021) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in August 2021 was 1,348: 71% higher than the number registered in the same month in the previous year (788 in August 2020), and similar to the number registered two years previously (pre-pandemic; 1,366 in August […]… Continue Reading
The Ministry of Justice UK has published its response to the consultation on ‘Increasing selected court fees and help with fees income thresholds by inflation’. The Government has analysed the responses to the consultation and considered the impact of policy proposals and recurring themes raised by some of the respondents. The consultation invited comments on the proposal […]… Continue Reading
The government has announced (9 September 2021) that the Temporary Insolvency Restriction Protections are being lifted[1] and new targeted measures to support small business and commercial tenants will be introduced. To help protect businesses from insolvency a number of changes were introduced under the Corporate Insolvency and Governance Act (Coronavirus) to protect business from creditor action since […]… Continue Reading
National Insolvency figures published (17 Aug 2021) by the Government’s Insolvency Service have indicated a 13% increase in business insolvencies in England and Wales compared to the number registered in the same month in the previous year (965 in July 2020), but 24% lower than the number registered two years previously (pre-pandemic; 1,442 in July 2019)[1]. Since the start […]… Continue Reading
The Corporate Insolvency and Governance Act 2020 introduced provisions to the Insolvency Act 1986 which came into force on 26 June 2020. The moratorium is part of a package of significant legislative reforms intended to enhance the UK’s restructuring and rescue culture. The changes allow breathing space for businesses in financial distress giving them an […]… Continue Reading
When the first covid lockdown hit in March 2020 many construction businesses stopped trading and for a short time the focus shifted to collecting unpaid invoices and debt recovery. At the time, government support including the furlough scheme supported the collections process and helped businesses to maintain relationships with customers whilst collecting cash. Now the […]… Continue Reading
