Category: insolvencies
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Insolvencies soar to 16-year high as tax hike drives bosses to close up shop
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The number of insults of the company increased sharply at the beginning of the year, as it reached an unprecedented level since the financial crisis, according to the latest numbers from the insolvency service. More than 1900 companies decreased in January – 10.7 percent over a year – which increased…
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HMRC gains only £14.4m in extra tax from insolvencies since regaining preferential creditor status
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HMRC has collected an extra £14.4m in tax from insolvency cases over the two tax years to 2023 since regaining its “preferential creditor” status. The preferential status known as “coronavirus preference” was reinstated for HMRC in December 2020, giving it priority in recovering tax owed from insolvent businesses ahead of…
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Company Insolvencies Surge by Nearly 20% in April
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Difficult economic conditions led to an 18 percent increase in corporate bankruptcies during April, as rising debt levels, rising interest rates and spending cuts took their toll. According to data from Companies House, corporate bankruptcies rose to 2,177 in April, compared to 1,838 in March. Over the 12 months to…