According to BTG’s Red Flag Alert report, 738,144 British businesses are in significant financial distress – the most since 2004. Most are in support services, construction and property. However, the number of firms in critical distress fell by 20.7%. Businesses owe £27.3bn in tax arrears.
The High Court in Manchester has wound up in the public interest seven companies whose accounts named audit firms that had carried out no audit. The case was uncovered jointly by the Insolvency Service and Companies House.
1,946 companies became insolvent in England and Wales in August. The overall number of insolvencies is falling slightly, but administrations are rising sharply.
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