Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
In 2024, there were 23,872 company insolvencies, with a rise in company voluntary arrangements (CVAs) to 202, the highest figure since the first year of covid, as businesses looked for rescue options. The majority of collapses were down to compulsory liquidations at 18,840, although this figure was 8% down year on year.
Company insolvencies might have been down slightly from 2023’s 20-year high of 25,163, but the 2024 figure was still ‘high relative to historical levels’, the Insolvency Service said, with ‘the worst hit sectors accounting for almost 80% of company insolvency numbers’.
Construction was once again in the doldrums with December 2024 figures showing that 17% of collapses affected building companies and related…
Jordan Allen fraudulently secured a £50,000 Covid Bounce Back Loan in 2020 – the most businesses were entitled to under the scheme – by overstating his turnover by more than £200,000
His plastering business should only have received around £5,000 if he had submitted an accurate application for the loan
Allen, who was declared bankrupt the following year and is currently subject to stringent bankruptcy restrictions, used the loan for personal expenses such as supermarket shopping and gambling
A Lancashire plasterer who overstated his business’s turnover to secure a maximum-value Covid loan spent the funds on groceries, gambling, fantasy football, and almost 40 withdrawals from cash machines.
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Company collapses in England and Wales fell last year, according to new official figures, but experts warned of more uncertainty for firms in the coming months.
Some 23,872 companies went out of business in 2024, the Insolvency Service said, down 5% on the previous year.
Despite the drop year-on-year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis.
While the December statistics paint a picture of economic stability, they will likely buck the trend
Company collapses in England and Wales fell last year, according to new official figures, but experts warned of more uncertainty for firms in the coming months.
Some 23,872 companies went out of business in 2024, the Insolvency Service said, down 5% on the previous year.
Despite the drop year-on-year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis.
Administrations, an accounting process used when especially large companies hit the wall, rose 2%.
David Hudson, restructuring advisory partner at the business consultancy FRP, said it was “not clear that this trend will continue for long into 2025”.
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Some 23,872 firms went out of business last year, the Insolvency Service said (Joe Giddens/PA)
Company collapses in England and Wales fell last year, according to new official figures, but experts warned of more uncertainty for firms in the coming months.
Some 23,872 companies went out of business in 2024, the Insolvency Service said, down 5% on the previous year.
Despite the drop year-on-year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis.
While the December statistics paint a picture of economic stability, they will likely buck the trend
Administrations, an accounting process used when especially large companies…
While states have cheered the new tax revenue from sports gambling, some new studies have linked the burgeoning industry to lower consumer credit scores, higher credit card debt and less household savings.
With access on their cellphones, gamblers can bet more often and easily than in traditional casinos, heightening concerns about problem gambling and the financial fallout for sports fans. The rate of gambling problems among sports bettors is at least twice as high as it is for other gamblers, according to the National Council on Problem Gambling.
Legal sports gambling is more widespread than ever. Missouri voters in November became the latest to approve it, making it legal in 39 states and the…
The number of people going financially insolvent in England and Wales last year was 14% higher than in 2023, driven by debt relief orders jumping to a record high, according to the Insolvency Service (Anthony Devlin/PA) PA Archive
The number of people going financially insolvent in England and Wales last year was 14% higher than in 2023, driven by debt relief orders (DROs) jumping to a record high, according to the Insolvency Service .
Some 117,947 personal insolvencies were registered in 2024, 14% higher than the 103,434 recorded in 2023.
Within the total, there were 43,249 DROs – the highest annual number on record and 36% higher than in 2023.
This followed the removal of a £90 administration fee to obtain a DRO from…
According to the latest government statistics, the number of registered company insolvencies across the UK has decreased to 23,872, reflecting a reduction of 5% compared to 2023.
Stephen Goderski, Partner at restructuring and insolvency firm PKF Littlejohn Advisory, notes that while a decline in insolvencies is welcome news, businesses are not out of the woods yet.
He states: “A reduction in insolvencies is encouraging, but the real challenge is what lies ahead. With national insurance contributions set to rise in April, businesses will see their payroll costs increase, putting further strain on cash flow at a time when many are already stretched. The question is whether the government’s economic strategy will provide the…
James Whitaker*, 35, first gambled at around the age of 12, playing Italian Roulette with real money . In his late 20s, he got hooked playing Blackjack at a casino in California. The rush of gambling was potent and intoxicating. It wiped out logic and reason.
“Gambling triggered my brain’s reward center, releasing dopamine in the same way substance abuse might,” Whitaker told GOBankingRates. “While in action — whether placing bets, holding chips or watching volatile investments — I felt a heightened sense of excitement and…
The number of people going financially insolvent in England and Wales last year was 14% higher than in 2023, driven by debt relief orders (DROs) jumping to a record high, according to the Insolvency Service.
Some 117,947 personal insolvencies were registered in 2024, 14% higher than the 103,434 recorded in 2023.
Within the total, there were 43,249 DROs – the highest annual number on record and 36% higher than in 2023.
This followed the removal of a £90 administration fee to obtain a DRO from April 2024 and the expansion of eligibility criteria in June last year, with the debt threshold being increased from £30,000 to £50,000.
In 2024, 57% of individual insolvencies were individual voluntary arrangements (IVAs), 37% were DROs, and 6%…
