As we approach the new year, there’s speculation among insolvency professionals about the looming possibility of increased insolvency cases, dubbed by some as “the insolvency year” of 2024. Here’s what you need to know about the potential trends and how we can assist you:

 

Impact of Covid and Pre-existing Financial Strains

– The effects of Covid on insolvency have been delayed, with low numbers experienced during the pandemic years of mid-2020 to late 2022.

– Despite creditors’ leniency during this period, some debtors facing financial troubles pre-Covid have seen no improvement in their situations.

 

Rise in Liquidations and Bankruptcies

– Company liquidations have shown an uptick, with 6213 recorded between January 2020 and December 2023, indicating a potential trend continuing into 2024.

– Bankruptcies, both through creditor and debtor applications, have fluctuated, with an increase seen in creditor applications in 2023.

 

Understanding Insolvency Procedures

– Liquidation involves the sale of a company’s assets to repay creditors when it’s unable to meet its debts.

– Bankruptcy is a personal insolvency process governed by the Insolvency Act 2006, lasting three years on average.

– Receiverships allow secured creditors to appoint receivers to realize assets to repay debts.

 

Expert Assistance

– Our experienced team specializes in insolvency processes and can offer guidance and assistance if you’re seeking to recover debts owed to you or facing challenges in meeting your financial obligations.

 

Get Ahead of Potential Challenges

– Prepare for potential insolvency challenges by seeking early advice and taking proactive measures to protect your interests.

 

How We Can Help

– With our expertise in insolvency matters, we’re equipped to provide the support you need to navigate these uncertain times. Whether you’re seeking debt recovery or facing financial difficulties, we’re here to assist you every step of the way.

 

Prepare for the Future

– Don’t wait until it’s too late. Contact us today to discuss how we can help you prepare for potential insolvency challenges in 2024 and beyond.

 

Tailored Assistance for Your Needs

– Our team offers tailored solutions to address your specific circumstances, ensuring you receive the guidance and support necessary to safeguard your financial interests.

 

Contact Us

– Reach out to us for a consultation and explore how we can assist you in navigating potential insolvency challenges in the upcoming year. Don’t let uncertainty derail your financial stability – take proactive steps now to protect your interests.