Draft legislation implements requirement for “mandatory independent scrutiny” of pre-pack administration sales

New legislation will require independent scrutiny of pre-pack sales where connected parties are involved, it has been announced.

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Insolvency: 900,000 UK businesses are ‘at risk’ of closure

One in seven UK businesses are ‘at risk’ of closure in the first half of 2021 with many coronavirus business support measures due to close in March and April, according to the latest research.

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Government has instructed fraudulent coronavirus loan applications to be reported

To get ahead of the anticipated rise in company collapses next year, the Insolvency Service has instructed insolvency practitioners to report all fraudulent coronavirus loan applications to them. 

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Empty high street shops reach highest level for more than six years

According to the new figures, the number of empty high street shops has risen to the highest level for more than six years following a wave of store closures as a result of the pandemic.

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New Corporate Insolvency and Governance Bill to extend accounting deadlines

The new Corporate Insolvency and Governance Bill will help maximise your business’ chance of survival throughout the coronavirus pandemic, it has been suggested.

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Almost a fifth of businesses fell into their overdraft in past year

According to the latest industry research, almost one in five small businesses fell into their overdrafts in the last year in a bid to manage their cash flow.

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Company insolvencies hit six-year high

Company insolvencies increased to their highest annual level for over six years, the latest statistics have shown.

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HMRC winding up petitions reach four year high

According to the latest official figures, the number of companies that were wound up last year following intervention from HM Revenue & Customs (HMRC) reached the highest level for four years.

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A quarter of SMEs fear they will go bust within five years

According to research from accounting software platform Xero, a quarter of small business owners believe their company will go bust within the next five years.

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Personal insolvencies on the verge of highest level for a decade

According to official figures, the number of people facing insolvency is set to reach the highest level for almost a decade, following an annual increase of more than 22 per cent in December.

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BRC leading calls for more to be done to protect the retail industry

According to the latest data from the British Retail Consortium (BRC), there were around 85,000 job losses in the retail sector in the past year.

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More than 2,800 retail stores closed during first half of 2019

According to the latest industry research, around 16 shops are closing every single day on UK high streets as retailers look to restructure their businesses and adapt to increased levels of online shopping.

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The number of company insolvencies reaches highest level in five years

The number of company insolvencies has reached the highest level since 2014, according to the latest data.

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New rules to crack down on ‘phoenix companies’ confirmed for April 2020

Company directors who attempt to “sidestep” their tax liabilities by forcing their company into insolvency will face tougher penalties from next year.

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Business failure at highest levels since 2014, says FSB

The number of businesses who filed for insolvency increased by 6.3 per cent in the first three months of 2019, new figures have shown.

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