The number of insolvency-related activities in the North West has reached its lowest level for 12 months, according to new research from R3, the UK’s insolvency and restructuring trade body.
2024’s insolvencies have been driven by another year of high costs and a series of political, economic and geopolitical events which have taken a toll on businesses in England and Wales.
In November 2024, corporate and personal insolvencies in England and Wales increased compared to October, highlighting rising financial pressures.
Salary Exchange (also known as Salary Sacrifice and SMART pensions) is an arrangement employers may make available to employees. The employee agrees to reduce their earnings by an amount equal to their pension contributions. In exchange, the employer then agrees to pay the total pension contributions.
Significant reforms to inheritance tax (IHT) were revealed in the Autumn Budget, marking the most substantial changes in over 18 years. The last major update on 22 March 2006, focused on IHT rules for trusts. The most recent measures, however, have a broader impact.
Corporate and personal insolvency rates in England and Wales saw significant decreases in October 2024. Corporate insolvencies fell by 10.4% from September and 23.8% year-on-year, reflecting improved trading conditions and pre-emptive actions by directors ahead of potential tax changes. Personal insolvencies declined by 14.4% month-on-month and 1.6% year-on-year, though Debt Relief Orders (DROs) increased due to regulatory changes that made them more accessible.
Partner, Sue Hutchinson explores how robust governance drives trust, resilience, and ESG-focused success in the latest Lancashire Business View.
The number of insolvency-related activities in the North West fell to an eight-month low in September, according to new research from R3, the UK’s insolvency and restructuring trade body.
PAR Group was advised by Beever and Struthers, led by corporate finance director Dean Curtis and supported by corporate finance manager Patrick Wilson.
HMRC have reported they are issuing letters to those with income over £200,000 in 2021/22, and more letters for £100,000+ earners may follow for 2022/23.
North West firms had over 1.7 million overdue invoices on their books this summer, according to new research from R3, the UK’s insolvency and restructuring trade body.
In July 2024, corporate insolvencies in England and Wales fell by 7.3% from June but rose 15.9% year-on-year, while personal insolvencies saw a slight 0.2% decrease. Despite the monthly drop, corporate insolvencies remain high, highlighting ongoing financial pressures.
