2020 has been a massively difficult year for business owners all around the UK and the effects on the area of Derby have unfortunately been no different. The harsh truth is that many businesses in and around the Derby city centre area have closed down, due to the crushing financial difficulties brought with the Coronavirus pandemic.
The businesses that have had to permanently close down due to these issues thus far are both wide-ranged and highly varied. The list of Derby-based business closures includes shops, restaurants, sporting equipment stores, cafes and more. Research shows that the retail industry in Derby is one of the biggest sectors to have been affected across the entire area.
Insolvency Specialists in Derby
If you’re the owner of a business that is facing extreme financial difficulties and/or is on the brink of entering the insolvency process, you need all the help and guidance you can get; but remember you need to be getting that help from the right people.
By reading this article you’re taking the first steps in the right direction for your business venture in this extremely difficult period of time. Here at Business Insolvency Helpline, our large team of experts and highly-experienced professionals, which includes licenced insolvency practitioners, are here to offer you the helping hand you so desperately need.
Here, we offer a wide range of solutions, meaning there’s a high chance we can find the perfect needs for your individual set of circumstances.
Derby’s leading team of insolvency practitioners
Our team of Insolvency Specialists in Derby offer individuals, partnerships or companies a professional service, with care and empathy.
At Business Insolvency Helpline we provide:
- Advice offered to Derby-based professionals, businesses and firms
- A clear assessment of your option before a formal insolvency process begins
- Calm and efficient resolution of insolvency issues
Business Insolvency Helpline is here to help and advise clients to take the best possible route when they find themselves underperforming. Our clients are widely varied and range from individual professionals to medium sized companies across the UK.
For any firm or individual facing the possibility of insolvency in the Derby area we are a locally based Insolvency firm, that can advise you on how to deal with formal insolvency procedures correctly.
We advise on processes such as:
- company voluntary arrangement
- individual voluntary arrangement
Company insolvency statistics for England and Wales – September 2020
Total company insolvencies decreased in September 2020 when compared to September 2019. In September 2020, there were a total of 926 company insolvencies in England and Wales, which included:
- 742 creditors’ voluntary liquidations (CVLs)
- 44 compulsory liquidations
- 109 administrations
- 31 company voluntary arrangements (CVAs)
- 0 receiverships
The overall number of company insolvencies decreased by 39 per cent in September 2020, when compared to the same month last year. This was primarily driven by a decrease in the numbers of CVLs and compulsory liquidations which fell by 32 per cent and 81 per cent respectively. There was also a 31 per cent decrease in the numbers of administrations.
The number of CVAs increased in September 2020 by 41 per cent when compared to the same month last year. However, The Insolvency Service do highlight that the number of CVAs in September 2019 (22) was lower than typically seen in other months during the year.
According to The Insolvency Service, the overall reduction in company insolvencies was likely to be, in part, driven by the range of government measures put in place to financially support companies in response to the coronavirus pandemic, including the Corporate Insolvency and Governance Act.
Business rescue in Derby
Our professional team in Derby has a mass of experience and know exactly what it means to take some of the pressure off stressed company directors.
If you need a practical introduction to the work of an experienced Insolvency & Turnaround Specialists in Derby contact us. If it is not possible to rescue a business, we assist clients by employing a number of tactics.
Your insolvency practitioner will be able to inform you of the best option for your business. These are three of the most common options for insolvent companies:
Each of these options has advantages and disadvantages for your business, and none are perfect for every business. Depending on your company’s financial situation and viability, one of the above options may be more suitable than the others.
Need more information about our Derby team?
Business Insolvency Helpline started to offer help and advice in 2001 and is a trading arm of Bridgestone Insolvency. We specialist in business rescue, turnaround and insolvency.
As leading insolvency specialists to small and medium sized businesses we have had great success year on year turning business around and preserving jobs and personal wealth. Our network has grown and to degree that we can offer outstanding business solutions that maybe needed in a distressed situation. With our outstanding team of professionals, we hope to resolve most problems with business debts and insolvency.
Our success is down to the understanding the challenges and problems that people face when working to build a successful business.