Jameson Smith & Co Ltd

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Friday, 9 November 2012

Insolvency Service to Cut 50 Jobs This Year

The Insolvency Service is set to make cuts of around 50 jobs this financial year in line with pressure coming from the Government for the agency's £7,000,000 deficit.

According to a recent release the cuts will affect the level one examiners who deal with the more basic and simple bankruptcies. These type of bankruptcies tend to be individuals as opposed to sole traders dealing with business insolvency.

The reduction in level one examiners comes as the Insolvency Service has around 40-60 surplus staff at that level, with around 170 level one examiners in total.


Thursday, 8 November 2012

Fall in Corporate Insolvencies...

After recent statistics released by the Insolvency Service on the 2nd November showed a decline this year in company insolvency figures there is fear that this good news may be covering up the reality of the economy trying its best to kick away from the recession.

Administration figures are currently at their lowest since Q1 2005 which may appear like a good thing on the face of it, however, if we were truly pushing away from the recession insolvency figures would rocket.

Voluntary liquidation figures have not dropped by much and this is indicative of smaller businesses feeling the pressure, still. With voluntary liquidation figures pretty stable it is likely that this is due to the smaller businesses not having the resources to implement some of the rescue packages that are available to the larger companies.

Experts are predicting an 'insolvency armageddon' as a true sign that we are really coming out of the recession.