Insolvency Guardian Media Centre
Fallout from the Budget and rising overheads have driven up this month’s corporate insolvency figures, with struggling businesses set to face further challenges in 2025 when wage costs increase.
This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest statistics published by the Insolvency Service which show that corporate insolvencies in England and Wales increased by 12.8% in November, with numbers rising from 1,743 in October to 1,966 last month.
R3 Midlands Chair Stephen Rome, a partner at law firm Penningtons Manches Cooper in the region, said: “These figures remain significantly higher than those seen both during the COVID-19 pandemic and between 2014 and 2019.
“After years of…
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GS Holdings Faces Liquidation of Key Subsidiary TipRanks
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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Pay growth across the UK has picked up, ending the recent slowdown in earnings, even though fewer vacancies are available for workers across the economy.
New data from the Office for National Statistics this morning show that average pay, both including and excluding bonuses, rose by 5.2% per year in the three months to October.
That’s up from 4.9% for regular earnings in July-September, and 4.4% for total earnings [updated], suggesting an acceleration in pay growth this autumn.
Average weekly earnings were up 5.2% on the year both including and excluding bonuses in August to October 2024.
This is an increase from annual…
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The Department for the Economy has accepted a disqualification undertaking from the director of a company involved in repair and maintenance of aircraft and spacecraft.
The undertaking was received for eight years from Jonathan Munn (40) of Hillside Park, Castlereagh, Belfast, in respect of his conduct as director of JMM Aerospace Ltd (“the Company”).
The Company was involved in the repair and maintenance of aircraft and spacecraft with a registered office at 2 Market Place, Carrickfergus, Co. Antrim, BT38 7AW. The Company went into liquidation on 9 July 2021 with an estimated deficiency as…
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Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales was 1,966 in November 2024, 13% higher than in October 2024 (1,743) and 12% lower than the same month in the previous year (2,243 in November 2023).
The business insolvencies consisted of 254 compulsory liquidations, 1,565 creditors’ voluntary liquidations (CVLs), 132 administrations, 14 company voluntary arrangements (CVAs) and one receivership appointment.
In November 2024, CVLs accounted for 80% of all company insolvencies. The number of CVLs increased by 8% from October 2024 and was 15% lower compared to the same month last year (November 2023). The seasonally adjusted number of…
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