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By David Hush

31st January 2024

What are the alternatives to bankruptcy?

When most people think of an individual becoming insolvent they think of bankruptcy, but according to the latest quarterly statistics for Q3 2023, only 8% of insolvent individuals were made bankrupt. Out of a total of 24,418 insolvencies 2,015 were bankrupted.

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By Ann Probert

16th November 2023

Companies in financial difficulty – directors' duties to creditors

The insolvency of a company is not a black-and-white matter. Directors must use their judgement as to where their company is positioned to determine where the balance of competing interests between the company's various stakeholders should lie.

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By David Hush

31st May 2023

Individual Insolvency Statistics January – March 2023

During Q1 2023, the Insolvency Service reported that there were 29,017 individual insolvencies. These comprised of 20,246 Individual Voluntary Arrangements (IVAs), 7,034 Debt Relief Orders (DROs) and 1,737 bankruptcies. 

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By Ann Probert

31st May 2023

HMRC and Time to Pay agreements – advice for directors

The availability of working capital is a real problem for companies in these challenging financial times. Time to Pay (TTP) arrangementrs allow viable companies who cannot pay on the due date to make payments to HMRC over a period that they can afford.

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By Elaine Wilcox

17th May 2023

Redundancy of directors in a company insolvency

As a company director, it is often thought that you have few statutory entitlements in insolvency. With a bit of forethought however, you will be entitled to the same rights as your employees. 

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By Mike Kienlen

21st April 2023

Changes to the Leeds R&I team

Armstrong Watson has seen four new team members join the Leeds Restructuring and Insolvency team, expanding on their expertise.

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By David Hush

20th February 2023

Success for our Bankruptcy Funding product

You may recall that last year our Creditor Services team introduced a 3-step debt recovery process that could be of interest to your clients.

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By Elaine Wilcox

20th February 2023

Insolvency Statistics Q4 2022

The Insolvency Service has recently published statistics for the fourth quarter of 2022. Creditors’ voluntary liquidations (CVLs) were the most common company insolvency procedure (85% of cases), followed by compulsory liquidations (9% of cases), administrations (6% of cases) and company voluntary arrangements (CVAs; 1% of cases).

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By Ann Probert

15th February 2023

When is the right time to wind-up your business?

Company insolvencies in England and Wales reached a 13-year high in 2022. This was 57% more than in 2021 and was largely driven by record numbers of Creditor Voluntary Liquidations (CVLs), accounting for 85% of all company insolvencies last year.

 

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By Daryl Warwick

27th January 2023

5 tips to prepare your business for the challenges of inflation

2023 looks as though it is going to be another year of high inflation. The Office for Budget Responsibility (OBR), which advises the government on its economic plans, forecasts that the Consumer Price Index (CPI) inflation for 2023 as a whole will be 7.4%, down from 9.1% in 2022, but far from the Bank of England’s target of 2%.

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