A report by the Council of Mortage Lenders (CML) states that the number of property repossessions during 2012 was just under 34,000 which was the lowest annual total since 2007.

CML director general Paul Smee said:

"The fall in arrears and possessions is obviously very welcome. Households fall into difficulty for a variety of reasons, most of which cannot be anticipated. Wherever possible, lenders will work with borrowers to manage periods of temporary financial difficulty and enable them to keep their home. Anyone worried about their situation should talk to their lender, who will try to help them."

The Business, Innovation and Skills Committee has today published a report containing a number of conclusions and recommendations resulting from its inquiry into the Insolvency Service.

An article in the Daily Telegraph reports that 46% of companies have never heard of Real Time Information (RTI).

The Insolvency Service has announced that the number of firms becoming insolvent fell by 8% during the last quarter of 2012 to 4,593 which is the lowest number since 2007.

An article in the Daily Telegraph, based on Barclays research, reports that more than one in ten small businesses have failed due to late payment.

The Financial Reporting Council (FRC) has issued a consultation document seeking the views of stakeholders to determine whether the proposed new Guidance on Going Concern and Supplement for Banks together with revised auditing standards are appropriate and practical.


The consultation document can be downloaded here:

A report in Accountancy Age confirms that the insolvency profession will be exempt from provisions to abolish conditional fee arrangments.

The Prudential judgement has now been handed down and the Supreme Court has ruled that legal advice privilege does not extend to advice provided by non-lawyers.

Despite several recent high profile retail insolvencies, the number of corporate insolvencies remains low.

Following the collapse of Comet, Vince Cable, responding to a question in the House of Commons said that the British insolvency regime was regarded as one of the best internationally, but acknowledged the need for improvement.