Latest Insolvency Statistics - Businesses Should Remain Vigilant
The latest UK insolvency statistics were released earlier this month. They show a continued increase in the number of corporate insolvencies but a drop in the number of personal insolvencies.
Between July and September 2011, 4,242 companies entered liquidation (an increase of 6.5% from July to September 2010). During the same period, 206 companies entered into company voluntary arrangements (an increase of 29.6% from July to September 2010).
Between July and September 2011, 9,567 individuals entered bankruptcy. This is a significant drop of 31.2% from the same period last year. The number of people entering individual voluntary arrangements remained steady with there being 13,048 during July to September 2011.
Paul Hatton, comments “A positive to take from the latest figures is that the number of personal insolvencies has dropped. The number of company insolvencies remains high but steady. The total number of insolvencies shows that businesses need to remain careful and vigilant when providing credit. A business takes a significant risk if it extends too much credit to customers or takes too long to pursue outstanding invoices. If a customer becomes insolvent, the business faces the prospect of receiving no payment at all. Businesses should consider taking other steps to help minimise the risk of extending credit to a customer who is unable to pay, such as credit checks in advance, clear terms and conditions and personal guarantees.”
“The economy continues to place companies and individuals under financial pressure. Businesses should keep on top of the amount of credit allowed to customers and act promptly if there are warning signs about the customer’s ability or willingness to pay.”
If you would like to know more about insovency contact our litigation team on 0845 0738 445 or email email@example.comGoogle+
Latest MLP Solicitors News
- March 7th, 2014Mandatory Early Conciliation A Month Away
- March 3rd, 2014Sanctimonious Sanctions: Your Litigation Friend
- February 27th, 2014Going up – from Ghostbusters to growth forecasts
- February 24th, 2014What we’ve learned from Sochi 2014
- February 20th, 2014Spring in the air?
Apologies that my Wednesday blog is a little late this week. A burglary at home on Tuesday evening put me back somewhat. Still the wonders of modern technology means I … Read more
- February 12th, 2014Does your business need Director’s Service Agreements?
- February 12th, 2014Go big or go home!
- February 5th, 2014The future is online – so what are the risks?
I don’t do my Wednesday blog as often as I should (i.e. every Wednesday!) I will do my very best from now on. My 3 pointers for the week:… Read more
- February 3rd, 2014Wills valid despite wrong signature
Wills Valid Despite Error The Supreme Court ruled this week that a couple’s Wills should still stand, despite them signing the wrong ones. Alfred and Maureen Rawlings prepared mirror Wills … Read more
- January 29th, 2014What to expect in employment law in 2014
Another year, another round of employment law reform! But what are the changes we are expecting in 2014 and how might these affect your business? Amendments to TUPE and collective … Read more
- January 20th, 2014TUPE changes 2014
Changes to TUPE and collective redundancy rules – 31 January 2014 Tucked away in the haze of the New Year is the introduction of changes to TUPE 2006 and the … Read more
- January 15th, 2014How will HS2 affect my property value?
- January 9th, 2014Why Making a Will Should Be Your New Year’s Resolution
The start of a new year is often the time when we make resolutions and think more about the future. One of the most important parts of planning for the … Read more
- January 7th, 2014Is it worth putting a Shareholders’ Agreement in place?
The value of a Shareholders’ Agreement We often have to consider the value of a shareholders’ agreement when discussing planning with our clients. Why do you need one? Too often … Read more
- January 3rd, 2014Dare To Litigate?
Resolving non payment issues All businesses aim to build good relationships with customers and flexibility around chasing payment can sometimes be tempting when looking to establish favour. However, business is … Read more
- December 10th, 2013Poorly performing Doctor in your partnership?
Top tips for dealing with a poorly performing partner. How do you deal with a poorly performing partner? This is a question we have had to address a number of … Read more
- December 5th, 2013Small Business Saturday
- December 4th, 2013How much inheritance tax will I pay?
The number of estates affected by Inheritance Tax is set to double from the current level of 21,000 per year to 42,000 in 2016/17. According to accountancy experts, this increase … Read more
- November 29th, 2013Always Read the Fine Print
US citizen Jen Palmer recently found herself subject to a $3,500 fine for posting a negative online review. In 2008 Jen Palmer ordered some items from KlearGear.com. After the items … Read more
- November 11th, 2013MLP Injury Lawyers and MLP Solicitors LLP – Providing successful solutions for the Healthcare Sector
Services we offer to Healthcare Professionals include: Quicker access to diagnostics, treatment and care for your patients Medico-legal Report writing Drafting Partnership Agreements Planning for Retirement, Wealth Management, Estate and … Read more
- November 11th, 2013What is a chain of representation?
Do you know what a ‘chain of representation’ is? A bunch of lawyers linking arms? A special piece of jewellery? Not quite. It’s a legal term for the situation where … Read more