29 January 2016: The Insolvency Service has published the insolvency statistics for Q4 2015, which include the annual figures for the whole year.
- the annual number of company insolvencies were at the lowest level since 1989 (down 10% on 2014);
- compulsory liquidations fell to the lowest annual total since 1981 (down 23% on 2014);
- the estimated liquidation rate in 2015 was 0.44% of active companies – the lowest level since comparable records began in 1984 (peaked at 2.6% in y/e March 1993 – number of active companies then much lower).
- personal insolvencies were at their lowest level since 2005 (down 19% on 2014);
- IVAs were at their lowest since 2008 (down 23% on 2014);
- over the year debt relief orders fell but there was an increase in Q4 believed to be due to a change in the eligibility criteria (down 9% on 2014 but Q4 an 15.5% rise on the previous quarter and a 2.8% rise on Q4 2014).
BRI Business Recovery and Insolvency can also report seeing a surge in the number of solvent liquidations ahead of proposed changes expected to take effect from April 2016.
Should you have any insolvency related query for solvent or insolvent companies, partnerships or individuals, the sooner you seek proper advice the greater the number of options likely to be available. Call BRI’s Head Office on 01604 754352 and you will be put in touch with the BRI adviser closest to you – no initial fee, no obligation and best advice for you irrespective of the outcome for ourselves.