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The Insolvency Service today released statistics for insolvencies in the first quarter of 2011 which demonstrated the continued fragility of the UK economy. There were 4,121 companies that entered into insolvent liquidation, which was an increase of 3.7% on the previous quarter. The retail sector, with some notable exceptions, continues to struggle as individuals reign in their purse strings. Whilst banks are generally supportive of existing business customer’s borrowings, new credit lines remain difficult to come by. Those businesses reliant on the public sector are now feeling the impact of public sector cuts and other statistics released on Tuesday show the manufacturing domestic sector also appears to be running out of steam with lower orders and higher output prices.
There were 30,162 individual insolvencies in the first quarter of 2011, a decrease of 15.5% on the same period a year ago. This reduction is likely to be attributed to individuals controlling their spending. Should interest rates increase later in the year we could see both the corporate insolvency figures rise steeply.
As the country battles with snowy conditions, it looks as though the retail market faces an ever growing battle in the face of Brexit and changing consumer habits.
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On Monday 15 January 2018 the High Court appointed the Official Receiver as liquidator of Carillion plc and various other group companies on the petition of the company’s directors.
In the case of Sands v Layne [2016] the Court of Appeal was asked to consider a court’s discretionary power under section 375(1) of the Insolvency Act 1986.
A bankrupt who failed to annul a Bankruptcy Order on the basis that the necessary formalities for credit card agreements had not been complied with has been refused permission to appeal that decision.
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