The number of people who became insolvent jumped by 9.4% in 2017 – the second year running that figures rose. In total, 99,196 individuals were declared insolvent in England and Wales, up from 90,657 in 2016. The number of Individual Voluntary Arrangements (IVAs) rose to a record level of 59,220 – an increase of nearly 20% on 2016. Company insolvencies also rose – by 4.2%. In total 17,243 firms in England and Wales went bust in 2017, the Insolvency Service said. Duncan Swift, deputy vice-president of R3, said: “Inflation has eaten into many firms’ margins thanks to rising input costs on the one hand and with customers proving somewhat reluctant to stomach higher prices on the other.”

The Daily Telegraph, Business, Page: 31   The Times, Page: 52   The Guardian, Page: 43   Daily Mail, Page: 109

Source: The Morning Account

Can we help?

On Monday 15 January 2017 winding up orders were made against the following companies:-

• Carillion Plc
• Carillion Construction Limited
• Carillion Services Limited
• Planned Maintenance Engineering Limited
• Carillion Integrated Services Limited
• Carillion Services 2006 Limited

The Official Receiver, with the help of PWC are currently dealing with the liquidations. As it is still early days in the process there is a lot of confusion and uncertainty over what is happening.

Obviously when large companies like these go down there can be a huge knock on effect to suppliers, contractors, sub contractors and others involved in the industry.

If you are owed money by one of the Carillion companies or have any concerns about how their failure could affect your business please contact Carol Tindal on 01768 864466 or email carol@doddaccountants.co.uk

Government information and advice can be found here.