Carly Davies

Corporate insolvencies soared last year as businesses struggled to cope with increasing financial turmoil, most of it outside of their control. Carly Davies, our Debt Control Manager provides an update. Figures from the Insolvency Service show there were a total of 1,964 corporate insolvencies in December. That was 31.9% higher than December 2021 and 75.5% higher than the same month in 2019, before the Covid pandemic. The figures reflect the pressures companies…

The government has announced a comprehensive review into tackling late payments for small businesses. It has also urged large companies to pay their suppliers promptly. Carly Davies, our Debt Control Manager provides an update. Ministers say they’re concerned that small businesses routinely spend significant time and resources chasing late payments from businesses they supply. This can lead to cash flow problems, putting their firms at risk and preventing them from growing. Most…

The Insolvency Service has increased the cost of deposits paid to initiate creditor bankruptcies and compulsory liquidations. Carly Davies, our Debt Control Manager reports. The petition deposit, the amount that needs to be paid up-front to seek an order, has increased in all cases where a petition is filed at court after 1 November 2022.   There will be no change to the adjudicator petition deposit where the individual applies for their own…

The number of firms going out of business or facing serious financial distress has risen sharply this year, according to the latest figures.  Carly Davies, our Debt Control Manager reports. The Insolvency Service says there were 5,629 corporate insolvencies in Q2, an increase of 12.7% compared to Q1’s figures of 4,995, and an increase of 81.3% compared to Q2 2021 (3,105).   Meanwhile, the Red Flag Alert produced by the recovery, financial advisory,…

Our very own Carly Davies is taking on a mighty hike in aid of Macmillan Cancer on Sunday 19th June 2022. The route is just over 13 miles and has an approximate total elevation gain of 3,274 feet around the picturesque Lake Ullswater. The walk starting in the beautiful grounds at Dalemain House follows the Ullswater Way and will finish at Lowther Castle, near Penrith. Carly, Debt Recovery Manager at…

A new law to resolve commercial rent debts accrued because of the pandemic has now come into effect. Carly Davies, our Debt Control Manager, provides an update. The Commercial Rent (Coronavirus) Act 2022 provides a legally binding arbitration process for eligible commercial landlords and tenants who have not already reached an agreement.   It’s designed to resolve disputes about certain pandemic-related rent debt and help the market return to normal as quickly as…

The late payment problem is getting worse and is now threatening to destroy thousands of small businesses, according to a survey carried out by the Federation of Small Businesses (FSB). Carly Davies, our Debt Control Manager, provides an update. The study of more than 1,200 business owners found that one in three businesses (30%) have seen late payment of invoices increase over the last three months, with a further 8%…

The government is introducing new powers to clamp down on directors who dissolve companies to avoid paying their liabilities. Rogue directors may be required to pay compensation to creditors. Carly Davies Debt Recovery Manager provides an update. The new legislation extends the Insolvency Service’s powers to investigate and disqualify company directors who abuse the company dissolution process. The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act will also help tackle directors…

A construction firm has won its claim for the payment of three outstanding invoices despite the customer arguing that the three payments could not be treated as one single case. Carly Davies Debt Recovery Manager provides an update. The issue arose after Creagh Concrete Products Ltd entered into an oral construction contract with Quadro Services Ltd. During the contract period, Quadro made various applications for payment. Three cumulative applications, issued in…

Businesses are being urged to monitor their cash flow as corporate insolvencies look set to rise despite the easing of lockdown restrictions. Carly Davies Debt Recovery Manager provides an update. The insolvency and restructuring trade body R3 says that government support such as the furlough scheme have masked the difficulties some companies are facing. There were 2,384 seasonally adjusted corporate insolvencies in the first quarter of this year, a reduction of…