Despite insolvencies being an a record low in over a decade, a large number of businesses are voluntarily closing down due to the economic uncertainty around coronavirus and fears over a possible increase in Capital Gains Tax.
Three former directors of City Link have been charged with criminal offences in relation to the collapse of the company last Christmas – which led to the loss of 3,000 jobs.
This figure comes from a UK tax gap analysis. HMRC believes that this is mostly due to ‘non-payment’ of taxes, representing 13 per cent of the total gap of £34bn.
Business insolvencies fell slightly in Q2 of 2014, but personal bankruptcies have seen a significant increase in the latest figures from the Insolvency Service.
Neil Bennett, director and licenced insolvency practitioner at Leonard Curtis, has 30 years’ experience giving advice to distressed businesses. We spoke to him about the issues facing directors.
Profitable SMEs are going bust due to a lack of credit, warns IT entrepreneur Gary David Smith.
Eurozone troubles are piling up. The words ?double dip are still hovering. Insolvencies are on the rise. And yet Britain ‘s Mittelstand is demonstrating great resilience.