R3 Association of Business Recovery Professionals’ Post

Corporate insolvencies in England and Wales rose by 18.4% month-on-month and year-on-year in April to a total of 2,177, according to statistics published today by The Insolvency Service. Corporate insolvency levels were also 52.7% higher than pre-COVID levels in April 2019.   Personal insolvency numbers also increased monthly and yearly, but fell slightly from levels seen before the pandemic.   Commenting on the statistics, R3 President Tim Cooper said while businesses remain concerned about costs and consumer demand, the mood is generally more positive. He urged both businesses and individuals to seek advice as soon as they become concerned about their finances. You can read the full statement here: https://lnkd.in/eu9fivgt #insolvency #restructuring R3 Association of Business Recovery Professionals

Both corporate and personal insolvencies in England and Wales increased year-on-year in July, according to new statistics from The Insolvency Service.   Corporate insolvency levels were also 52.2% higher in July 2024 than in July 2019, prior to the pandemic.   Commenting on the statistics, R3 President Tim Cooper said that consumers and businesses were showing signs of being more optimistic about the future, and urged anyone struggling with their finances to seek advice as soon as possible. You can read the full statement here: https://lnkd.in/g9w8RRey #insolvency #restructuring R3 Association of Business Recovery Professionals

Despite a 7% reduction in the number of insolvencies between June and July this year there is a continuing trend of year on year increases as highlighted in the update below from R3 Association of Business Recovery Professionals. The latest PwC UK Economic Outlook (see https://lnkd.in/eMgjZV42) suggests insolvency numbers have yet to reach their peak. With this in mind the Summer months will be key across many sectors, ranging from consumer, leisure and tourism, where many businesses rely on increased activity during the holiday season, through to education, where the results season will enable students to decide what to do next, providing some clarity for schools, colleges and universities for the year ahead. This will undoubtedly impact the trend over the remainder of 2024.

Corporate insolvencies fell 17.2% year-on-year in March to a total of 1,815, but rose by 14.8% from pre-pandemic levels in 2019, according to statistics published today by The Insolvency Service.   Personal insolvency numbers fell to the lowest figure we’ve seen in March since 2020, and decreased by 28.7% from levels seen before COVID.   Commenting on the statistics, R3 President Tim Cooper of Addleshaw Goddard said while the high costs and constrained spending were continuing to affect businesses in England and Wales, there were signs directors expected revenues to increase this year. He encouraged anyone facing money worries to seek advice as early as they possibly can.   You can read the full statement here: https://lnkd.in/erJQ59eV #insolvency #restructuring R3 Association of Business Recovery Professionals

R3 President Tim Cooper has warned that the monthly fall in corporate insolvencies between July and August 2024 shouldn’t distract from the difficult trading conditions faced by businesses in England and Wales. Commenting on today’s publication of the August 2024 statistics by The Insolvency Service, Cooper said while the overall economic picture has improved, the market remains a challenging one and urged anyone worried about their financial position to seek advice as early as possible. You can read our full statement on the statistics here: https://lnkd.in/ebzKSvj8   #insolvency #restructuring R3 Association of Business Recovery Professionals

The ATO has a laser focus on debt recovery this financial year, as its recently released corporate plan for FY2024-25 highlights. And the new financial year is off to a rocky start, our latest Corporate Insolvency Index reveals. Thanks Accounting Times for your recent article, with great insights from Insolvency Australia members Jarvis Archer and Scott Andersen. https://lnkd.in/gtBY29qf #insolvency #businessturnaround #restructuring #accountants #accounting #smallbusiness

Corporate insolvency levels in Scotland rose 10.6% quarter-on-quarter and year-on-year, driven by a rise in CVL numbers. R3 Scottish Technical Committee Chair Iain Fraser, a Partner at FRP Advisory, put the rise in numbers down to ongoing cost issues, and said that that the increase in solvent businesses closing via an MVL was likely due to a mixture of director fatigue and action ahead of the Budget at the end of this month. Personal insolvencies in Scotland decreased compared to last quarter and last year, due to a fall in Bankruptcies and PTDs – a result Iain Fraser suggested could be down to more individuals seeking an intervention for lower levels of debt. You can read our full statement here: https://lnkd.in/gbM-f5dX #turnaround #insolvency #restructuring R3 Association of Business Recovery Professionals

Both corporate and personal insolvency levels in Scotland fell year-on-year in Q1 2024-2025, according to new statistics published today by Accountant in Bankruptcy.    Corporate insolvency levels are still 17.9% higher than they were prior to the pandemic, while personal insolvencies have fallen by 41.7% during the same period.   Commenting on the statistics, R3 Scotland Chair Richard Bathgate FCCA MABRP said despite the economic improvements and business confidence holding strong throughout the last quarter, the picture is still a challenging one for businesses in Scotland. He urged anyone concerned about their finances to seek advice as early as they can.   You can read the statement here: https://lnkd.in/gyAtdiqM   #insolvency #restructuring R3 Association of Business Recovery Professionals

It's been great to have taken on the role as Chair of the UK’s insolvency and restructuring trade body R3 Association of Business Recovery Professionals in Yorkshire. We know how challenging it is to talk about your money worries, but taking that step and starting that conversation when the problem is new will give you more options for resolving it and more time to consider your next step. Most R3 members will give potential clients a free consultation so they can learn more about their situation and explain which options are potentially available to resolve it. See more below and my insights on the release of the May 2024 corporate and personal insolvency statistics for England and Wales. https://lnkd.in/dF_Axs48