The demise of Thomas Cook was a reminder that businesses and individuals are still finding the current economic situation difficult. The latest figures from The Insolvency Service, show that 4,321 companies entered insolvency between April and June 2019, a 2.6% increase on the first quarter of the year and in percentage terms the figure is nearly 12% higher than the second quarter of 2018.
Strikingly it is the largest number of company insolvencies in any quarter since the first quarter of 2014.
In terms of personal insolvencies, the Insolvency Service figures show that nearly 31,000 individuals entered either bankruptcy, a debt relief order or an individual voluntary arrangement in the second quarter of 2019.
At Cognitive Law we can assist businesses and individuals when they find themselves effected by insolvency. Whether it is difficulties caused by clients or spouses entering an insolvency procedure. Early advice is often key and will give you the widest range of options to pursue.
Darren Stone has nearly 20 years of experience practising in insolvency law and will always look to assist you in finding a practical solution where one exists.