Due to recent changes to the Economic Crime and Corporate Transparency (ECCT) Act 2023, Companies House has updated some of its fees, effective 1 February 2026. Alongside this, the way companies manage compliance, identity verification, and official communication has...
When a company enters liquidation, one question always comes up early: who gets paid, and in what order? The answer lies in what insolvency practitioners call the “waterfall of payments”. It’s not a metaphor dreamed up for drama. It’s a statutory payment order that...
Supreme Court Clarifies Scope of Section 423 Insolvency Act 1986: A Victory for CreditorsIn a recent landmark decision, the Supreme Court has provided significant clarification on the scope of section 423 of the Insolvency Act 1986, reinforcing protections for...
The COVID-19 pandemic has left a lasting impact on the UK's business environment, significantly contributing to the unprecedented rise in insolvencies. The Pandemic's Legacy Continues to Affect Various Sectors The legacy of COVID-19 has had a profound and lasting...
Forecasted Insolvencies The Centre for Economics and Business Research (CEBR) has revised its forecast for business insolvencies from an initial 28,000 to an increased figure of 33,000. This adjustment comes after observing faster-than-expected rises in insolvency...
Insolvency is a challenging topic, and with business failures rising in Britain, it's more important than ever to use accurate language when discussing it. Unfortunately, misleading terminology, often used by Politicians and the media, can perpetuate stigma and deter...
On April 17, 2024, the UK Jurisdiction Taskforce (UKJT) released a landmark "Legal Statement on Digital Assets and English Insolvency Law." The statement clarifies how digital assets, such as cryptocurrencies and NFTs, are treated in insolvency cases. If you're a...
As we celebrate the 10th anniversary of Professional Legal Collections (PLC) on the 19th of June 2024, we take a moment to reflect on our journey and achievements. Founded in 2014 by Martin Kingman, FCILEX, FCICM, who now serves as the CEO of Pro Legal Group Ltd., PLC...
Business insolvencies in the UK during 2023 steadily rose, reaching levels not seen in decades.2023 Trends and Statistics Insolvency Numbers: Annual Data - In 2023, the UK recorded 25,158 corporate insolvencies, the highest number since 1993 and a 14% increase...
Effective management of overdue accounts is essential, yet can be challenging. Outsourcing debt recovery to a specialised firm like ours can significantly benefit your business. Find out the top 6 reasons why our expert debt recovery services are an invaluable asset...
