You need to enable JavaScript in order to use the AI chatbot tool powered by ChatBot

Relief for accountants as insolvencies fall

Andrew Barnes our consultant managing the role

Personal insolvencies fell to a nine-year low in 2014.

Those seeking accountancy jobs that deal with the finances of the self-employed are likely to be well aware of the impacts of the recent economic crisis.

One of these has been a greater determination of the government to crack down on those who find creative ways to avoid paying tax, particularly high net worth individuals.

However, for many others accountants have been dealing with imperilled finances that have been in danger of plunging into a black hole.

Ultimately, for some such a fate has proved unavoidable, with rising personal insolvencies always a consequence of an economic downturn.

However, with the economy enjoying growth of 2.6 per cent last year - the best figures since 2007 - it may come as little surprise that this particular problem has diminished.

The Insolvency Service has published its latest figures, showing that the number of people becoming bankrupt, taking on an individual voluntary arrangement (IVA) or a debt relief order dipped below the 100,000 mark for the first time since 2005, with 99,200 suffering one of these fates.

It represents a fall of two per cent from 2013 and the fourth year in a row that the figures have fallen.

Of course, there is a certain logic in suggesting that the individuals whose finances were weakest would have gone into insolvency years ago as the crisis took hold, meaning the tally was sure to diminish, but the fact is the improving commercial climate was sure to have benefits.

Indeed, it was even better for companies, with a 24 per cent fall in insolvencies since 2013.

However, for those struggling financially, the form of insolvency has changed in nature. While bankruptcies and debt relief orders fell last year, IVAs rose to their highest level on record since they were introduced in 1987.

This may suggest there is a clear desire of some to try to pay back at least part of their debt, rather than try to 'wipe the slate clean' with bankruptcy, despite the credit black mark consequences that come with the latter step.

As taking an IVA will still have a ruinous impact on an individuals' credit rating, it may be some individuals are taking this step with an over-optimistic view of their future creditworthiness.

11/04/16
jobs

Related jobs

Credit Controller - Hybrid (2 days office)

Salary:

£28,000 - £32,000 per annum + Hybrid working

Location:

Salford, Greater Manchester

Industry

Technology

Qualification

None specified

Market

Commerce & Industry

Salary

£30,000 - £35,000

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Permanent

Description

Credit Controller - HYBRID - Salford

Reference

BBBH184267

Expiry Date

01/01/01

Laura Halloran Find out more
Tax Senior - Bolton

Salary:

£35,000 - £40,000 per annum

Location:

Bolton, Greater Manchester

Industry

Business Services

Qualification

None specified

Market

Financial Services

Salary

£40,000 - £50,000

Job Discipline

Tax

Contract Type:

Permanent

Description

.

Reference

BBBH184374

Expiry Date

01/01/01

Aleksandra  Taranovskaja Find out more
Head of Corporate Finance and Strategy

Salary:

£92,000 - £100,000 per annum + Excellent Benefits Package

Location:

Manchester, Greater Manchester

Industry

Energy, Resources and Industrial

Qualification

Fully qualified

Market

Commerce & Industry

Salary

£100,000 - £125,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Exciting Head of Corporate Finance and Strategy role for a leading energy organisation based in Manchester city centre paying up to £100,000.

Reference

BBBH184370

Expiry Date

01/01/01

Nathan  Jones

Author

Nathan Jones
Find out more
Senior Finance Transformation Project Manager

Salary:

€85,000 - €90,000 per annum

Location:

Dublin City Centre, Dublin

Industry

Professional Services

Qualification

None specified

Market

Commerce & Industry

Salary

£70,000 - £80,000

Job Discipline

Process Improvement

Contract Type:

Permanent

Description

Finance Transformation Lead - Consulting - Dublin

Reference

BBBH184367

Expiry Date

01/01/01

Cillian Mcevoy Find out more
Corporate Finance Manager

Salary:

£65,000 - £73,000 per annum + Excellent Benefits Package

Location:

Manchester, Greater Manchester

Industry

Energy, Resources and Industrial

Qualification

Fully qualified

Market

Commerce & Industry

Salary

£70,000 - £80,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Corporate Finance Manager role for a leading energy organisation based in Manchester city centre offering hybrid working paying circa £70,000.

Reference

BBBH184365

Expiry Date

01/01/01

Nathan  Jones

Author

Nathan Jones
Find out more
Finance Director

Salary:

Negotiable

Location:

London

Industry

Media & Communications

Qualification

Fully qualified

Market

Commerce & Industry

Salary

£125,000 - £175,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

A hospitality and entertainment brand is currently looking for a Finance Director to join their team in London (Hybrid).

Reference

BBBH184244

Expiry Date

01/01/01

Charlie Buddery Find out more
Financial, Planning and Analysis Manager

Salary:

£67,000 - £75,000 per annum + Excellent Benefits Package

Location:

Wigan, Greater Manchester

Industry

Manufacturing

Qualification

Fully qualified

Market

Commerce & Industry

Salary

£70,000 - £80,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Financial Planning and Analysis Manager for a PE backed manufacturing business based in Wigan with hybrid working paying between £67,000 - £75,000.

Reference

BBBH184364

Expiry Date

01/01/01

Nathan  Jones

Author

Nathan Jones
Find out more
Head of Commercial Finance

Salary:

£75,000 - £85,000 per annum + Car Allowance + Benefits

Location:

Crewe, Cheshire

Industry

Transport & Logistics

Qualification

Fully qualified

Market

Commerce & Industry

Salary

£80,000 - £100,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Head of Commercial Finance role for a well-established organisation based just outside of Crewe paying up to £85,000 + benefits.

Reference

BBBH183457

Expiry Date

01/01/01

Nathan  Jones

Author

Nathan Jones
Find out more
Group Reporting Manager

Salary:

£65,000 - £75,000 per annum + Additional Benefits Package

Location:

Cheadle, Greater Manchester

Industry

Manufacturing

Qualification

Fully qualified

Market

Commerce & Industry

Salary

£70,000 - £80,000

Job Discipline

Qualified Finance

Contract Type:

Permanent

Description

Group Reporting Manager role for a global manufacturing business based in Cheadle offering hybrid working paying between £65,000 and £75,000.

Reference

BBBH184108

Expiry Date

01/01/01

Nathan  Jones

Author

Nathan Jones
Find out more
Capex Analyst

Salary:

£40,000 - £45,000 per annum

Location:

Greater Manchester

Industry

Consumer & Retail

Qualification

Part qualified

Market

Commerce & Industry

Salary

£40,000 - £50,000

Job Discipline

Part Qualified & Transactional Finance

Contract Type:

Contract

Description

Capex Analyst | Greater Manchester | Up to £45k | Immediate Start | 6 month FTC

Reference

BBBH184360

Expiry Date

01/01/01

Jamie Miller

Author

Jamie Miller
Find out more
View all jobs