• Contact us
  • About us
  • Digital edition
  • Online archive
Sunday, July 20, 2025
Cumberland and Westmorland Herald
  • News
    Mandatory payrolling of Benefits in Kind delayed

    Mandatory payrolling of Benefits in Kind delayed

    Youngsters raise cash for Penrith food bank

    Youngsters raise cash for Penrith food bank

    Commissioner promises improvements to Cumbria’s fire and rescue service

    Commissioner promises improvements to Cumbria’s fire and rescue service

    Illegal campers fined for causing significant damage in Lake District

    Illegal campers fined for causing significant damage in Lake District

    Man dies after falling from A66 bridge

    Man dies after falling from A66 bridge

    New senior coroner appointed for Cumbria

    New senior coroner appointed for Cumbria

    Red letter day for young Skelton farmer

    Red letter day for young Skelton farmer

    Cumbrian bellringers success in national contest

    Cumbrian bellringers success in national contest

    Bid to turn barns into homes get go-ahead

    Bid to turn barns into homes get go-ahead

  • Sport
    New management set to lead Appleby Football Club

    New management set to lead Appleby Football Club

    Success for fighting squad

    Success for fighting squad

    Penrith skipper Nicky Burns calls on team to keep winning

    Penrith skipper Nicky Burns calls on team to keep winning

    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

    Double national triumph for Stuart Robinson

    Double national triumph for Stuart Robinson

    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
  • News
    Mandatory payrolling of Benefits in Kind delayed

    Mandatory payrolling of Benefits in Kind delayed

    Youngsters raise cash for Penrith food bank

    Youngsters raise cash for Penrith food bank

    Commissioner promises improvements to Cumbria’s fire and rescue service

    Commissioner promises improvements to Cumbria’s fire and rescue service

    Illegal campers fined for causing significant damage in Lake District

    Illegal campers fined for causing significant damage in Lake District

    Man dies after falling from A66 bridge

    Man dies after falling from A66 bridge

    New senior coroner appointed for Cumbria

    New senior coroner appointed for Cumbria

    Red letter day for young Skelton farmer

    Red letter day for young Skelton farmer

    Cumbrian bellringers success in national contest

    Cumbrian bellringers success in national contest

    Bid to turn barns into homes get go-ahead

    Bid to turn barns into homes get go-ahead

  • Sport
    New management set to lead Appleby Football Club

    New management set to lead Appleby Football Club

    Success for fighting squad

    Success for fighting squad

    Penrith skipper Nicky Burns calls on team to keep winning

    Penrith skipper Nicky Burns calls on team to keep winning

    £100,000 target for new changing rooms extension

    £100,000 target for new changing rooms extension

    Medal success for Upper Eden tug-of-war team

    Medal success for Upper Eden tug-of-war team

    Eden man competes in Hyrox World Games

    Eden man competes in Hyrox World Games

    Double national triumph for Stuart Robinson

    Double national triumph for Stuart Robinson

    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

    Penrith teen crowned British vault champion

    Penrith teen crowned British vault champion

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
No Result
View All Result
Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

Rise in company insolvencies: what can you do if your business is struggling?

By Elaine Wilcox, restructuring and insolvency consultant, Armstrong Watson LLP

by CWH
9 August 2023
in Expert advice, News
A A
Share on FacebookShare on Twitter
Elaine Wilcox

There were 2,163 registered company insolvencies in June 2023, according to the latest figures from the Insolvency Service.

While this was fewer than the 2,552 recorded in May, it shows a 27 per cent rise year on year, with 1,688 registered in June 2022.

Figures from June 2023 included 260 compulsory liquidations – 77 per cent higher than in June 2022 – and 1,759 Creditors’ Voluntary Liquidations (CVLs), which was 21 per cent higher than last June. The number of administrations and Company Voluntary Arrangements (CVAs) was also higher than in June 2022.

While many factors causing the rise in company insolvencies are beyond your control – including the lingering impact of the Covid-19 pandemic and economic challenges brought about by the war in Ukraine and the cost-of-living crisis – there is one factor that you can influence and that is better management.

Key actions to avoid your company becoming insolvent

Know your figures

Without up-to-date accounting records, it’s impossible to create accurate cash flow forecasts, and you’re unable to analyse your past business performance or make sound decisions on how to fine-tune your day-to-day operations for the better.

A great starting point would be to invest in a cloud-based accounting system. With the appropriate links to your bank, the time required to enter your transactions is greatly reduced.

Larger businesses with large numbers of transactions could benefit by using an accounting outsourcing facility. This will cost money but can be beneficial if it means that all your VAT and PAYE returns are up to date, and you can see exactly how your business is progressing.

Use services on offer

Your local chamber of trade will offer a range of business services exclusively available to members and it may be worth joining. These services help members thrive by demonstrating cost savings, offering unique benefits and helping to drive business growth.

Similarly, local enterprise partnerships (LEPs) undertake activities to drive economic growth and job creation. LEP Growth Hubs support businesses facing the cost-of-living challenges and are a useful resource if you are looking for business funding, support or guidance.

Don’t be afraid to look at alternatives

If your business is struggling and you are not sure how to get things back on track consider having a chat with an insolvency practitioner.

This does not have to be the end. They have tools that can allow your business breathing space to restructure or refinance.

This can mean that you can continue to trade in a more viable way, thereby saving jobs and maintaining relationships with your customers and creditors.

For more information and support please call 0808 1445575 or email help@armstrongwatson.co.uk

Related Posts

Mandatory payrolling of Benefits in Kind delayed
Expert advice

Mandatory payrolling of Benefits in Kind delayed

20 July 2025
Youngsters raise cash for Penrith food bank
Latest

Youngsters raise cash for Penrith food bank

19 July 2025
Commissioner promises improvements to Cumbria’s fire and rescue service
News

Commissioner promises improvements to Cumbria’s fire and rescue service

18 July 2025
Illegal campers fined for causing significant damage in Lake District
News

Illegal campers fined for causing significant damage in Lake District

18 July 2025
Man dies after falling from A66 bridge
News

Man dies after falling from A66 bridge

18 July 2025
New senior coroner appointed for Cumbria
News

New senior coroner appointed for Cumbria

18 July 2025
No Result
View All Result

Stay connected

Facebook Twitter Instagram

Most popular

Five boxes of nitrous oxide seized from car in Penrith

Five boxes of nitrous oxide seized from car in Penrith

17 July 2025
Commissioner promises improvements to Cumbria’s fire and rescue service

Commissioner promises improvements to Cumbria’s fire and rescue service

18 July 2025
All change at Penruddock Primary School

All change at Penruddock Primary School

18 July 2025
Small rise in odour complaints in Penrith area

Small rise in odour complaints in Penrith area

18 July 2025
Jean Bloomfield – a woman who had an enormous impact

Jean Bloomfield – a woman who had an enormous impact

18 July 2025
New management set to lead Appleby Football Club

New management set to lead Appleby Football Club

18 July 2025
Cumberland and Westmorland Herald Logo

33 Middlegate
Penrith
Cumbria
CA11 7SY

Phone: 01768 862313
Email: news@cwherald.com

Registered in England as Barrnon Media Limited. No: 12475190
VAT registration number: 343486488

Explore

  • News
  • Sport
  • Farming
  • Property
  • Obituaries
  • Nostalgia
  • Your view

Useful links

  • Contact us
  • Photosales
  • Online archive
  • Buy your paper
  • Digital edition
  • North Lakes Living
  • Advertise
  • About us

Follow us on

© Barrnon Media Limited 2025

Terms & Conditions / Privacy Policy / Cookie Policy

This website and its associated newspaper are members of the Independent Press Standards Organisation
Review Your Cart
0
Discount
Add Coupon Code
Subtotal
Total Installment Payments
Bundle Discount
Checkout

 
0
No Result
View All Result
  • Home
  • News
  • Sport
  • Obituaries
  • Nostalgia
  • Online archive
  • more
    • North Lakes Living
    • Buy Photos
    • Buy your paper
    • About us
    • Contact us

© 2020 Cumberland & Westmorland Herald