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Solvent Company Liquidations Surge Nearly 7× Before Tax Rise, Then Plunge 94%, Study Finds

Wednesday 21 October, 2026

Solvent company liquidations surged to nearly seven times their January daily average in the five working days before the April 2025 UK tax increase, before plunging 94% in the following five working days, new research has revealed.


With the Autumn Budget approaching on 28 October, amid fresh speculation over Capital Gains Tax and further changes to Business Asset Disposal Relief, the findings raise the prospect of another last-minute rush to close solvent companies.


Licensed insolvency practitioners Clarke Bell analysed 21,839 Members' Voluntary Liquidation (MVL) resolutions between January 2024 and September 2026, uncovering dramatic spikes around three major tax events.


The three highest monthly totals in the study all occurred in the run-up to the 2024 Autumn Budget or increases in Business Asset Disposal Relief (BADR).


The most striking findings include:


October 2024: A record 2,760 resolutions, including 1,092 in the five working days before the Autumn Budget.April 2025: Activity surged to 6.83 times its January daily average ahead of the BADR tax increase from 10% to 14%, with 604 resolutions in five working days.April 2026: Another 673 resolutions were recorded in the final five working days before BADR rose from 14% to 18%, with activity reaching 6.41 times its January average.

In all three cases, liquidation resolutions fell by 93–94% immediately after the deadline, comparing the five working days before and after each event.


John Bell, Senior Partner and Licensed Insolvency Practitioner at Clarke Bell, said:


"What stands out is how consistent the pattern is. Ahead of the 2024 Budget and both BADR increases, MVL activity became heavily concentrated in the final few working days, then fell by 93–94% immediately afterwards. The data cannot tell us why any individual shareholder acted when they did, but the timing is hard to ignore. With another Budget approaching, the previous three events show just how sharply behaviour can become concentrated around known fiscal deadlines."


The researchers also ruled out a simple seasonal explanation. Activity before the 2024 Budget was 3.38 times its usual level, with no comparable surge in 2023. The April 2025 and 2026 spikes were also substantially higher than in April 2024, when BADR remained unchanged.


Jason Piper, Head of Tax and Business Law – Policy and Insights at the Association of Chartered Certified Accountants (ACCA), said:


"Planning around deadlines is inevitable, and whenever there’s a timetable for tax reforms that will drive behaviours. Although the bunching around scheduled changes may not be ideal, it’s probably better than the alternative – to have tax policy changes effective from midnight on budget day with no certainty about what will happen or when. With only the bare numbers, we can’t be sure about motivations, but it does suggest that tax is the driving factor in timing, and that’s not necessarily a good thing."


The latest figures also show solvent liquidation activity rising through summer 2026, from 11.5 resolutions per working day in May to a provisional 22.0 in September.


With the 28 October Budget approaching, the research reveals how sharply solvent company closures have clustered around previous fiscal deadlines, although it cannot establish whether the pattern will repeat.


The full methodology, underlying data tables and calculation audit are available to journalists on request.


Notes to editors

Clarke Bell analysed 21,839 confirmed MVL resolutions dated 1 January 2024 to 30 September 2026, plus 3,100 resolutions from August–December 2023 for comparison.


The analysis uses shareholder resolution dates rather than Gazette publication dates. Researchers removed 178 duplicate notices and manually checked 200 records, finding no discrepancies.


MVLs close solvent companies and are not insolvent business failures. Figures count resolutions, not individual companies or owners. The findings establish timing patterns, not causation or taxable distribution dates.


The full methodology, data tables, and calculation audit are available on request.


Jason Piper's comments represent an independent view. ACCA did not commission or produce the research.


About Clarke Bell

Clarke Bell is a Manchester-based firm of licensed insolvency practitioners advising directors and accountants across England and Wales. Founded in 1994, it has handled more than 5,500 company liquidations, including MVLs and CVLs. Its insolvency practitioners are regulated by the ICAEW.

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  3. FinanceSEND costs overtake staff pay as biggest pressure on school budgetsWednesday 21 October, 2026 Governors and trustees warn that supporting pupils with special educational needs and disabilities (SEND) is now the biggest pressure on school budgets, according to the National Governance Association's (NGA) latest Annual School and Trust Governance Survey. Those who identified SEND and high-needs provision as one of their top three budgetary challenges rose from 47% in 2022 to 68% in 2026, overtaking staff pay for the first time as governors main concern on school budgets. The findings come as schools continue to face difficult financial decisions, despite some signs of improvement. While 57% of boards now report balancing their income and expenditure without drawing on a surplus, up from 54% last year, just 19% believe their school or trust will be financially sustainable over the next three to five years at current funding and income levels. The survey also highlights the growing impact of falling pupil numbers, particularly in primary schools. Almost half (47%) of primary respondents identified projected pupil numbers as a top budgetary challenge, compared with 32% of those governing secondary schools. Primary schools were also more likely to identify SEND costs as a major pressure, at 71% compared with 60% of secondary respondents. NGA calls for the government to urgently assess whether there are enough specialist places for children with the most complex SEND needs and whether those who need the most support can access it. The findings must drive targeted investment in specialist provision and give mainstream schools the funding and resources they need to support more children with SEND. NGA Chief Executive Emma Balchin said: “Unless system capacity and investment catch up with demand, these small improvements in financial pressures will prove short-lived. Falling pupil numbers and increasingly complex needs are squeezing budgets, while high-needs funding struggles to keep pace. Boards are grappling with the fundamental question: How can they hold leaders accountable for inclusion when schools lack the resources to meet pupils’ needs? Governors and trustees have worked hard to keep their schools financially secure, finding efficiencies, reviewing contracts, restructuring and generating income, but good governance alone cannot make an underfunded system deliver the inclusive education every child deserves.” -Ends- Other findings include: Falling pupil numbers are a growing concern: 27% cite this as a major challenge, up from just 10% in 2018.Attendance is rising up the agenda: It has become the top priority for secondary schools, cited by 50% of respondents.Schools are considering staff cuts: 44% are looking at restructuring their workforce to help maintain financial stability long-term.Trusts have an opportunity to strengthen local voices: Only 55% of local governors feel their school is part of ‘one organisation’ with others in the MAT.Confidence in Ofsted inspections remains subdued: 71% say their latest inspection gave a fair and accurate picture of their school, well below the historic 80% level.Recruiting and retaining staff remains difficult: 51% struggle to find suitably qualified candidates, while 61% cite workload and wellbeing as the biggest challenges to keeping staff.Fewer people want to become chairs of governors: Only 25% are considering the role, down from 41% in 2016, with workload, stress and responsibility major barriers.AI is not yet widely used or governed: Six in ten rarely or never use AI in their governance role, while 67% say their school or trust has no AI policy in place.Governors are engaging with SEND reform: 70% say government proposals have prompted board discussions about their school's current SEND provision.Governors and trustees continue to make a positive difference: 84% believe their board has positively influenced their school or trust's direction and outcomes in the past year.Schools are increasingly offering flexible working: 56% now have a flexible working policy, up from 39% in 2019. Contact: Ciarán Scott, Senior Public Relations Officer, on 07554 440580 or [email protected] The NGA Annual Governance Survey is the largest and most comprehensive survey of its kind, providing unparalleled insights into the state of governance in English state-funded schools and trusts. NGA has conducted this annual self-selecting online survey for sixteen consecutive years. This year, the survey was open from 2 June to 30 June 2026, and over 3,000 people took part. NGA released the full survey and will release it at a launch event in Westminster on 20 October 2026. NGA’s Annual Governance Survey offers an extensive overview of the views, experiences, and challenges facing one of England’s largest and most crucial volunteer forces. About NGA The National Governance Association (NGA) is the membership organisation for governors, trustees and governance professionals of state schools in England. NGA is an independent, not-for-profit charity that aims to improve the educational standards and well-being of young people by increasing the effectiveness of governing boards and promoting high standards. The expert leader in school and trust governance, it provides information, advice and guidance, professional development and e-learning. NGA represents the views of governors, trustees and governance professionals at a national level and works closely with and lobbies the UK government and educational bodies. www.nga.org.uk
  4. HealthcareFiscal strength doesn't guarantee public goods delivery, US study findsWednesday 21 October, 2026 New York/DNA - A newly released study of US state government performance found strong partisan and regional patterns within three pillars of governance: democratic accountability, state capacity and public goods provision. Yet, the US states’ outcomes differ in important ways from international comparisons, as the three governance dimensions show limited correlation, the researchers found. The report, “The Governance Performance of the Fifty States: The U.S. Berggruen Governance Index”, applies the research team’s “governance triangle” from past global country rankings to the 50 US states. The report has now been presented to the public at Columbia University in New York. “Unlike in the Berggruen Governance Index’s cross-national comparisons, where the three dimensions are broadly correlated, in the 50 U.S. states they often run counter to each other,” the authors conclude. “This may seem counterintuitive, as one might expect a well-governed state to finish high on all three and a poorly governed one to place low across all three.” The report concluded that state capacity and public goods provision are “essentially uncorrelated.” Massachusetts, which has among the highest per capita incomes, was third in public goods but 49th in state capacity. Mining and agriculture-dependent Wyoming was 36th in public goods provision but No. 1 in state capacity. Public goods provision, which combines quality-of-life metrics such as health and educational outcomes with infrastructure and quasi-public goods that are often delivered by the private sector, saw four of the top five from the Northeast, while the bottom seven were in the South. All but one of the top 16 states were won by Democratic nominee Kamala Harris in the 2024 US presidential election. Nineteen of the bottom 20 went to Donald Trump. The three components produce four state groupings identified by the authors: 14 fiscally sound and delivering states, which are half Republican and half Democratic and swing states, based on the 2024 presidential race. The report was written by principal investigator Helmut K. Anheier with co-authors Joseph C. Saraceno and Edward L. Knudsen, all of the UCLA Luskin School of Public Affairs, and produced as a collaboration of the Luskin School with the Berlin-based Hertie School, supported by the Berggruen Institute, a Los Angeles think tank. 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Saraceno said that the 14 states classified in the report as fiscally sound and delivering “provide a moderate level of public goods while also having state capacity, or this measure of fiscal room that they find to be comfortable, or have a rainy day fund as needed.” The group of fiscally strong, poorly served states have strong balance sheets but little to show for it in quality of life. Arkansas, for example, ranks seventh in state capacity but 46th in public goods provision. Tooze said those states have better fiscal resilience and “rank high on their capacity score because basically they've never done anything. So unsurprisingly, when push comes to shove, they could do something if one supposed they had politics that would allow them to.” Edward Knudsen, another researcher who worked on the previous global versions of the Berggruen Governance Index, pointed out that the strained but delivering states are heavily traditionally Democratic Party states that also score higher for democratic accountability. “In a lot of the Democratic leaning states, you have more ability for the population to demand public goods. They in turn are able to receive them. That places this fiscal stress,” Knudsen said. The full report “The Governance Performance of the Fifty States: The U.S. Berggruen Governance Index” can be downloaded here: https://ucla.app.box.com/s/hcruhr43fyhfw0uondid2e6fviqopmww Frank Fuhrig, DNA ------------------------- This text and the accompanying material (photos and graphics) are an offer from the Democracy News Alliance, a close co-operation between Agence France-Presse (AFP, France), Agenzia Nazionale Stampa Associata (ANSA, Italy), The Canadian Press (CP, Canada), Deutsche Presse-Agentur (dpa, Germany) and Press Association (PA, United Kingdom). All recipients can use this material without the need for a separate subscription agreement with one or more of the participating agencies. This includes the recipient's right to publish the material in own products. The DNA content is an independent journalistic service that operates separately from the other services of the participating agencies. It is produced by editorial units that are not involved in the production of the agencies' main news services. Nevertheless, the editorial standards of the agencies and their assurance of completely independent, impartial and unbiased reporting also apply here. Caption: Panel discussion at Columbia University in New York: Speaking about the study "The Governance Performance of the Fifty States: The U.S. Berggruen Governance Index" were (from left): Prof. Helmut K. Anheier (UCLA), Prof. Robert Y. Shapiro, Prof. Adam Tooze (both Columbia), and Joseph C. Saraceno (UCLA).(Picture: Jason DeCrow/AP Content Services for DNA) Contact: Democracy News Alliance
  5. Operational Resilience in Evolving Global MarketsTuesday 20 October, 2026 The global financial landscape is constantly evolving, requiring institutions across the sector to continuously adapt their systems to new international standards. Navigating these changes effectively requires clear oversight and proactive management to protect investor interests. AIX Investment Group’s foundation is built on a diversified range of distinct investment products. Over our decade-plus history of operating internationally, this structure has provided stability across our offerings. With the exception of one product, our portfolio continues to operate as planned, with payments made on schedule. As felt across the broader financial sector, recent geopolitical developments have created operational challenges for this one specific product. We fully recognise the concern this causes for the investors involved, and resolving it is our highest priority. We are working alongside specialised legal advisers and industry consultants on a resolution that protects the interests of affected investors, and we will keep them informed directly as this work progresses. Our aim is a fair, orderly and transparent outcome, with all affected investors treated equally. The spread of false and misleading information creates an unnecessary obstacle to our recovery and resolution efforts. We encourage all stakeholders to verify any information they receive against our official communications and to contact our dedicated team directly with any questions. AIX Investment Group remains committed to strong governance and transparency. All official updates will be published exclusively through our official channels. We thank our investors and partners for their patience, understanding and continued trust.
  6. HealthcareFrom workplaces to festivals: UK hearing experts call for a new approach to protecting hearingTuesday 20 October, 2026 The changing way people work, listen to music and experience noise will be the focus of the UK Hearing Conservation Association (UKHCA) Annual Conference, taking place in Manchester on 3 November. Organised by UKHCA in collaboration with the British Occupational Hygiene Society (BOHS), UKHCA 2026: Hearing Conservation – Making an Impact will bring together experts from regulation, occupational health, audiology, academia and industry, to explore how hearing health can be better protected across workplaces and everyday life. The conference comes as attention increasingly shifts from simply identifying noise exposure to preventing hearing damage through better risk management, effective hearing protection, health surveillance and greater public awareness. The Health and Safety Executive (HSE) will provide an update on its new workplace noise campaign, including the regulator’s priorities and what these mean for organisations managing occupational noise. The conference programme will also look beyond traditional workplace exposure. Experts will explore the effects of recreational noise on young people’s hearing, how to engage Gen Z with hearing protection, and the implementation of the World Health Organization’s Global Standard for Safe Listening at music venues and events. Other sessions will examine hearing protection effectiveness and the impact of training, occupational health and audiology practice, safe noise exposure for hearing aid users, noise risk management and return on investment, and how case law has shaped claims for hearing damage. The wider consequences of hearing loss will also be considered, including research examining the association between hearing impairment and depression among older adults. Clare Forshaw, Founder and Director of UKHCA, said: “Protecting hearing is about much more than measuring noise and handing out hearing protection. We need to understand how people are exposed to sound, how they use protection, how we identify hearing damage early and, most importantly, how we encourage people to value their hearing before it is affected. “This year’s programme brings together workplace noise, public health, research and real-world experience because preventing hearing damage requires all of those perspectives.” The conference will feature contributions from organisations including HSE, RNID, the British Society of Audiology, the Ministry of Defence and Tinnitus UK, alongside researchers from UK and international universities. For the first time, the conference will also include the UKHCA Hearing Conservation Champions Awards, recognising individuals and organisations making a positive contribution to hearing conservation. Professor Kevin Bampton, CEO of the British Occupational Hygiene Society (BOHS), said: “Noise-induced hearing damage is preventable, but prevention depends on moving beyond compliance and treating hearing as something worth protecting throughout people’s working and wider lives. “The strength of UKHCA is that it brings together disciplines that do not always sit in the same room – occupational hygiene, audiology, acoustics, occupational health, research and regulation. That collaboration is essential if we want to turn what we know about hearing conservation into better prevention in practice.” For the full programme and to book your place, visit the UKHCA 2026 conference page. -ENDS-