2 May 2019: The Insolvency Service have released the above and below is a summary of their findings:
- The total number of company insolvencies were 4,187, up from 3,983 for the same period last year.
- 67.4% of all company insolvencies were creditors’ voluntary liquidations with compulsory liquidations accounting for 19.6%, these are terminal insolvency procedures for the companies involved.
- There was the highest increase in administrations since Q1 2014 with this procedure accounting for 10.8% of the overall company insolvencies.
- Whilst the number of company voluntary arrangements increased by some 43.1% from Q4 2018 it is noted, historically, that there are fewer of these procedures during Q4 year on year with numbers similar to Q1 2018.
- The liquidation rate remains low. In the 12 months ending Q1 2019 1 in 238 companies entered liquidation.
BRI Business Recovery and Insolvency advise and formally act in all of the above procedures. Should you be a director of a limited company or you have a client that is experiencing financial difficulty, please call any of BRI’s management team - the earlier advice is obtained, the less likely a formal insolvency procedure will be needed.