Company and individual insolvencies

ended 28. January 2022

This morning at 09:30 the Office for National Statistics is publishing the insolvency data for the fourth quarter of 2021. It covers both company and individual insolvencies. Handful of Qs (just answer the ones that are relevant to you):

  • Are you seeing a rise in the number of companies struggling? If so, why?
  • Are you seeing a rise in the number of people struggling with their debts? If so, why?
  • Do you expect the number of company and individual insolvencies to rise in 2022?
  • Now that most Government support has been removed, are we in for a ‘reckoning’ in terms of both corporate and individual insolvencies?

As ever, Newspage Premium responses will be edited by an experienced journalist. No need for an essay. Just a couple of paragraphs will do. And remember, try and use powerful language as that increases your chance of pick-up. 

2 responses from the Newspage community

Premium
Lewis Shaw
Founder & Mortgage Expert at Shaw Financial Services
"Since the pandemic began, we’ve seen more people consolidating debt into their mortgages along with a sharp rise in missed and late payments, testament to the fact vast numbers of people are simply scraping by month to month. The onset of the pandemic highlighted just how little financial resilience people and businesses had. With inflation soaring and interest rates headed up, the number of personal insolvencies could start to skyrocket in 2022."
Premium
Bev Wakefield
Director at Vibrant Accountancy Limited
"The slow increase in company insolvencies last year could soon become a sprint. We've had two years of the Government propping up many businesses with cheap loans and furlough, and HMRC being a generally soft touch on overdue debts. Most of the support has now gone and the Revenue will soon stop playing Mr Nice. Businesses are now having to stand up on their own two feet and many are already starting to wobble. A growing number of businesses are tied up in knots with debt, especially those who didn't take control of their cashflow and overheads during the pandemic. I expect the relatively benign level of company insolvencies to spring back with a vengeance if businesses aren't supported enough in 2022. We are now entering the business end of the pandemic and many businesses, without further support and rigorous oversight of costs, will not survive."