There is evidence of a steady increase in companies going insolvent in the UK. In the second and third quarters of last year, the Insolvency Service said the number of firms going into receivership, administration or a company voluntary arrangement rose by 1.5% in comparison to the previous quarter to 1,310.
According to the Insolvency Service, this means that total company insolvencies have increased by 6% in comparison to the previous year.
While the number of individuals entering into bankruptcy has been on a steady downward trend since 2010, recent analysis by R3 suggests businesses in general continue to struggle to manage their debts, many either operating on the brink of insolvency or as ‘zombies’.
As Francis Coulson, president of R3, recently observed, “an increase in corporate insolvencies is unsurprising given the challenging economic environment that businesses are operating in.” But with a rise in companies and retailers entering administration, creditors have also been feeling the impact – albeit in a very different way.
As the Institute of Chartered Accountants in England and Wales ICAEW recently stated, ‘insolvency firms are increasingly dealing with financial distress across borders’ and as a result creditors all over the UK have been struggling to keep up-to-date with daily insolvency data and to maintain a solid understanding of the impact of the credit crunch on suppliers and customers and competitors.
That is why many leading banks, creditors, and insolvency practitioners have turned to Britain’s oldest and most authoritative, reliable and trusted source of insolvency information, The Gazettes. Where in many cases The Gazettes is first to obtain primary data across several sectors, including insolvency information, bankruptcy information, winding-up petitions and orders, it is, via its digital platform a primary source of vital information for insolvency practitioners across the UK.
With many of Britain's biggest banks and some of the largest insolvency practitioners and credit reference publishers, as well as a range of smaller, more specialist organisations from government to the private sector, sourcing data directly from The Gazettes; it is clear that The Gazettes have become the choice of those in-the-know today.
‘How might you use The Gazettes datafeed service’ As an unrivalled source of information, The Gazettes offers a range of exciting digital services including a series of efficient and easy-to-integrate bespoke datafeeds. This datafeed service includes the provision of feeds in a variety of formats, giving users immediate access to Gazettes data in a way that can be organised and filtered according to specific needs and objectives
With particular emphasis on supporting business recovery specialists, financial institutions and credit management agencies, The Gazettes datafeed service is an essential tool for banks, creditors, probate consultancy firms, credit reference agencies and insolvency practitioners, enabling these organisations to keep abreast of new entrants to the insolvency process.
Information is available on the day of publication and can include:
- Corporate insolvency (including key information for the administration, creditors and members voluntary liquidations and winding up by the court processes such as winding up petitions and winding up orders, resolutions, meetings of creditors, appointments and dividends)
- Personal insolvency (including bankruptcy orders for individuals and partnerships, amendment of title of proceedings, appointment of trustees, notices to creditors and intended dividends amongst a range of other information)
Datafeeds can also be provided in consolidated form, with geographical filters, or by the stage or type of insolvency.
For insolvency specialists, you can receive information or summary market data for winding up petitions, appointments, personal bankruptcy, meetings of creditors and corporate insolvency. You can:
- Receive daily datafeeds
- Receive all or part of the information – bespoke to your requirement
- Understand competitors
- Minimise re-keying and improve accuracy
- Monitor the market
- Track your market share
- Generate new leads
Publishers of credit management information may also use The Gazettes datafeeds for re-packaging and incorporating into value-added services.
As a great lead-generation system for insolvency practitioners and an essential tool for credit reference agencies, The Gazettes datafeeds can assist in the facilitation of business development campaigns and provide company and trustee contacts. It can also help companies identify credit risks and market changes, assisting businesses in obtaining a clearer picture of the present economic climate.
For more information about The Gazettes datafeed service or the ways in which The Gazettes datafeeds may be able to meet your specific requirements, please speak to the customer service team at email@example.com