It may come as a surprise but the numbers of company failures have remained low since the first lockdown in March 2020. In the first quarter of 2020 there were 7,766 company failures and in the same quarter of this year there were 4,768. In 2019 there were 34,556 corporate insolvencies, however in 2020 there were 20,402.
The significant reduction in corporate failures is evidence that the Government support scheme have assisted many businesses. The Government have also introduced restrictions preventing companies issuing winding up petitions and landlords taking aggressive action against their defaulting tenants.
The best advice we can give is to stake advice at an early stage!
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella Flemmings on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.
Because we are an independent insolvency practice, we keep our overheads low and have put systems in place to deal with simple liquidations at an affordable price of from £1,995 + VAT + Disbursements. Our MVLs are from £995 + VAT + Disbursements.