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Company insolvencies increasing, figures show

01 May 2009



The number of compulsory liquidations and creditors' voluntary liquidations stood at 4,941 in the first quarter of this year, the latest statistics from the Insolvency Service show. This, it says, marks an increase of 7.1 per cent on the previous quarter, or a rise of 56 per cent on the same period in 2008.

Of those, 1,579 were compulsory liquidations, with approximately one in every 130 active companies going into liquidation. In the previous three months, around one in every 150 had to go through the process. Furthermore, individual insolvencies had risen by 1.6 per cent on the previous quarter's results.

According to the Insolvency Service statistics, there were an additional 1,783 corporate insolvencies during the first three months of this year, which comprised of 316 receiverships, 1,311 administrations and 156 company voluntary agreements.

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