Companies to be protected from insolvency by tax relief extension

The extension of the ‘time to pay’ scheme – which allows companies to spread out the cost of their tax payments – will protect companies from insolvency, Kester Cunningham John’s news service reports.

In the third quarter of 2009, there were 4,716 company insolvencies in England and Wales. This total was made up of 1,301 compulsory liquidations and 3,415 creditors voluntary liquidations.

Meanwhile, as for individual insolvencies, there were 35,242 recorded in England and Wales in the third three-month period of 2009. This was made up of 18,347 bankruptcies, 12,390 IVAs (Individual Voluntary Arrangements) and 4,505 Debt Relief Orders (DROs).

Related posts:

1. Many companies could face insolvency in early stages of recovery
2. Government plans to speed up bankruptcy process
3. IVA news: personal insolvencies reach record high
4. Insolvencies – worst yet to come: R3
5. UK economy ‘out of recession’