The Insolvency Service releases monthly company and individual insolvency statistics for England and Wales, and monthly company statistics for Scotland. The latest monthly release was published on 14 August 2020. Summary for July 2020 England and Wales Whilst overall numbers of company and individual insolvencies remained low in July 2020, when compared with the same […]
Administration is an insolvency process that protects a limited company and it’s assets from any legal process. Where a company is coming under pressure from it’s creditors for non-payment of debts and creditors are threatening legal proceedings or a winding up petition, the company may need the protection administration brings to provide time to determine […]
Except in certain circumstances, Section 216 of the Insolvency Act 1986 prohibits the re-use of a company name where a company has entered insolvent liquidation. The section does not apply in any other insolvency process unless insolvent liquidation follows administration or a Company Voluntary Arrangement. Section 216 states that: Any person that has been a […]
Company Voluntary Arrangements (CVA) have had a lot of column inches over the last few years as a result of a number of high profile retailers having to restructure and look to exit expensive high street leases. CVAs have also been available to smaller companies in most business sectors and can be a viable alternative […]
2019 sees White Maund celebrating 10 years of service in Brighton. After many years of working in insolvency practices, our founders Andrew White and Susan Maund established White Maund in 2009. Andrew now acts as a consultant to the firm and Susan continues to lead White Maund with fellow directors Tom D’Arcy and Chris Latos, carrying […]
White Maund are delighted to have raised £150.00 for their 2018 chosen charity Forward Facing. Forward Facing are a charity that help families and children across the South East, supporting children and young people with long-term illnesses or life-threatening conditions. It aims to help them forget their daily struggles, experience positive emotions, and make lasting […]
R3 the insolvency practitioners’ insolvency body has reported that there has been a further increase in female personal insolvencies compared to men. The gender pay gap, as well as other stereo-typical gender roles in both business and family life are said to be behind this increase. The introduction of Debt Relief Orders has also played […]
It has been reported that 2,764 construction firms entered insolvency in 2017/18, jumping 6% in just a year from 2,608 in 2016/17 This substantial rise in construction insolvencies can be seen as being partly due to the fall-out following Carillion’s liquidation in January 2018. Many of the reported insolvent firms were part of the supply […]
White Maund held a seminar for accountants titled ‘Beating the Decline Curve’ on 2nd October at the Sussex County Cricket Ground. The seminar was well attended and consisted of a light breakfast followed by a detailed presentation covering the various stages of a business’ decline and the possible outcomes. The seminar then went on to […]
2018 has been reported in insolvency news sources as the year of the CVA (Company Voluntary Arrangement) and in particular the Landlord CVA. The news has been full of established high-street names using CVAs to help streamline their businesses by looking at their leasehold commitments, closing some premises and trying to get rent reductions for […]
A worrying trend sees that the geographical spread of personal insolvencies shows that seaside towns are most effected. The North East and coastal towns such as Plymouth and Scarborough typically had the highest concentrations of personal insolvencies. The places which have the highest rate of personal insolvency tend to be seaside towns, as well as […]
Last night a team from White Maund were delighted to attend a fundraising quiz in aid of Sussex Cancer Fund, orgainised by Consortium Business Solutions. While they didn’t win, the team known as Quizzie Rascals, formed by Neil Hoad, Billy Poulton, Jamie Pain and Alex Grinyer, did come a respectable second. The quiz raised £300.55, […]
Good News…… We are often viewed as the Grim Reaper of the business world, only called upon when a company is in dire need. But it is not all bad news, the role of an Insolvency Practitioner is damage limitation and making the best of a bad situation, often saving a company or securing the […]
Every year the Staff at White Maund choose a charity to support for the year. Their charity year ends on 31st August which means it’s time to total up the donations for their nominated charity the Great Ormond Street Children’s Charity. Staff fundraising is done through a dress down day once a month by which […]
Hello……. We have a follow-up on how the UK restaurant business is doing, we take a look at rising personal debt and give you an insight into Company Voluntary Arrangements. In White Maund company news we are delighted that Sue Maund has been nominated and chosen as a finalist in this year’s Women in […]
Earlier this year we reported on the struggling restaurant industry following the closure of some of Jamie Oliver’s restaurants. Unfortunately it seems that our prediction for hard times ahead is coming to fruition with more big name restaurants adding to the list including Ed’s Easy Diner and Frankie and Benny’s closing poorly performing sites from […]
The statistics released last week by the Insolvency Service for the first quarter of 2017 show an increase in total company insolvencies in England & Wales of 5.3% compared to the same quarter in 2016, driven by an increase in underlying numbers of creditor voluntary liquidations. Does this show that economic pressures are beginning to […]
At White Maund we believe that we not only have a responsibility towards our clients but also to the wider community. As part of our CSR policy (Corporate Social Responsibility), we take seriously our environmental credentials. While we are not a heavy industrial company, we can still take small steps to being greener. The recent […]
Thank you to all those that took the time to complete our recent satisfaction survey. It’s important to us to know whether we are giving you the service you want, to know how you feel about White Maund. And just so you know…..we value you too! The results were very heart-warming but this doesn’t mean […]
We recognise that we must integrate our business values and operations to meet the expectations of our stakeholders. Our stakeholders include our referrers, employees, investors, suppliers, the community and the environment. We recognise that our social, economic and environmental responsibilities to these stakeholders are integral to our business. We aim to demonstrate these responsibilities through […]
Pre-schools are bracing themselves for the government’s plans to increase free childcare places from 15 hours per week to 30 hours a week for three and four-year-olds. While this seems like a great initiative to help parents back into work, will it create an unsustainable funding gap for nurseries? At present, the government funds free […]
The cause of company failure is examined in every liquidation and directors can be disqualified for between 2 and 15 years where evidence of unfit behaviour is found. In addition the Insolvency Service can use powers under the Companies Act 1985 to wind up live companies which it finds are acting against the public interest […]
The statistics released today by the Insolvency Service show that in 2015, annual company insolvencies were at their lowest level since 1989, whilst insolvencies for individuals were at the lowest level since 2005. The decrease in compulsory liquidations (where the company is wound up through the court) was particularly marked, falling to the lowest figure […]
Bacs Payment Schemes surveyed 350 firms and found that UK firms are owed £46.1 billion in total. A staggering figure of £39.4 billion is owed to small and medium sized businesses, with larger corporates only being owed £6.7 billion. 60% of SMEs are experiencing late payments, each waiting on average for £38,186 in late payments. […]
The Blockbuster brand had traded for nearly 25 years in the UK when it was placed into administration for the first time in January 2013, at which time it had over 500 stores and 4,000 staff. The business was sold by the administrators to private equity group Gordon Brothers, but they were unable to turn […]
The latest insolvency statistics for England and Wales published by the Insolvency Service for Q3 of 2013 show that there were 3,875 corporate liquidations in Q3 of 2013, down 2% on the same period last year and also down 2.6% on Q2 of 2013. In addition, there were 253 receiverships, 544 administrations and 152 Company […]
R3, the professional association for insolvency, business recovery and turnaround specialists in the UK, reports that there are now 108,000 businesses in the UK only capable of paying off the interest on their debts, down from 146,000 in June last year, and well down from the peak of 160,000 last November. This decline has been […]