30 January 2019: The above statistics have been released this week and a summary of the key findings for 2018 are below:
- Company liquidations increased by 9.7% to 14,269, the highest yearly total since 2013.
- Creditors’ voluntary liquidations totalled 11,152 (a 9.3 % increase) and compulsory liquidations totalled 3,117 (an 11.1% increase). Maybe the increase in compulsory liquidations is a result of HMRC petitioning the Courts to wind-up companies that have previously been dissolved. This was mentioned in our news entry dated 10 December 2018.
- Company Voluntary Arrangements increased by 16% and Administrations increased by 11.2%. These procedures have no doubt increased as a direct result of the difficulties that the retail sector has experienced.
If your company/or your client is experiencing financial difficulty please call any of the management team at BRI Business Recovery and Insolvency to see if we can help and advise on how to not be included in the 2019 statistics.