We have personally seen a number of new enquiries lately explaining they have received winding-up petitions from HMRC or other large creditors.
London (PRWEB UK) 23 May 2014
FA Simms & Partners, established over 35 years, have helped 1,000's of small businesses through many different economic climates. Here they analyse the latest UK Business Insolvency Statistics.
Statistics from Q4 of 2013 and Q1 of 2014 show significant changes, especially the rise in Compulsory Liquidations. This rise indicates that large creditors are no longer willing to ignore unpaid invoices. Whereas historically they were more lenient with creditors, they are taking action to make sure they are paid, or that the company is reprimanded for non payment.
2013 Q3 saw figures dropping across the board of insolvency procedures. This looks positive on the surface but may be disguising businesses that are not opting for formal procedures. These businesses must be careful that they are not dealing with their struggles on their own. By seeking professional advice it may save their business in the longer term.
Q1 2014 shows more positive news regarding voluntary liquidations. This may be an indication that company directors are starting to seek help to rescue their companies. Company Voluntary Arrangements (CVA) show a rise of 15.4%. CVA is a business rescue tool, that is used to turn round struggling companies who could return to profitability, but are being held back by historic debt.
For full statistics of all insolvency procedures see the supporting infographics, or visit the News Area of the FA Simms & partners web site at http://www.fasimms.co.uk/blog.
About FA Simms & Partners
FA Simms & Partners is a family run business that has been established over 35 years. Their head office is located near Leicester and they have offices throughout the UK in London, Reading, Bristol, Oxford, Milton Keynes, Cambridge, Norwich, Birmingham, Manchester and Leeds. FA Simms provide all Business Insolvency and Liquidation services and specialise in Business Rescue. FA Simms have a team of qualified, Licensed Insolvency Practitioners, who can meet with business owners at any of their regional offices or convenient location. http://www.fasimms.co.uk/