Statistics released by the Insolvency Service have shown that the total number of corporate insolvencies had increased by nearly 13 per cent from 2015 to 2016. A total of 16,502 corporate businesses went into insolvency during this period.
Large companies and directors could face criminal proceedings and fines if they do not disclose information about the treatment of their suppliers twice a year. This is part of a crackdown to stamp out any bad payment practices, which contribute to thousands of business failures each year.
More than two thirds of insolvency professionals believe that a ‘hard’ Brexit process would lead to more corporate business insolvencies. Insolvency trade body, R3 published a survey forecasting the effects of Britain leaving Europe, just before Theresa May’s Brexit speech confirmed that the UK[...]
Earlier this week, the Supreme Court ruled that Members of Parliament must vote whether the Government can start the Brexit process. Following on from this announcement, the Prime Minister has said that the Government will set out its Brexit plans in a formal ‘White Paper’ style document.
Australian engineering business Laing O’Rouke suffered a £246m loss following poor performance of a £1.3bn joint venture with a hospital project in Canada. In a statement released in December, by group executive chairman, Ray O’Rourke said “It is with humility that I have to report our first loss[...]
The Office for National Statistics recently released a statistical bulletin regarding the profitability of UK companies from July to September last year. The bulletin calculated the net rate of return on capital employed for UK private non-financial corporations related to their UK operations.
According to the Markit/CIPS Purchasing Managers Index (PMI) the activity in the UK’s manufacturing industry hit a two and a half year high in December 2016. A PMI figure of around 50 indicates expansion and the sector rose from 53.6 to 56.1 last month. The survey also found that the weakened[...]
Recent figures show that production in the manufacturing industry picked up by 0.8% in November, even though the sector experienced a major dip in October. This means that in total in Q4 the industry saw a 0.5% growth.
According to new research conducted by Amicus Commercial Finance, small and medium sized businesses (SMEs) wrote off an average amount of £11,708 worth of debt last year. The research found that 76% of SMEs wrote off debt during 2016, totalling almost £50 billion collectively, approximately £134[...]
The Royal Bank of Scotland recently revealed that it spent close to £2bn in redress costs for the third quarter of 2016; however the bank managed to maintain an operating pre-tax profit of £255m.
