Company insolvency on the rise

Posted 06/08/2009

The number of company insolvencies in the UK has gone up in the last few months, a new report has revealed.

According to statistics from the Insolvency Service, there were more than 5,000 compulsory and voluntary liquidations in England and Wales between April and June 2009.

This is 39.1 per cent higher than the amount recorded in the same period of 2008 and nearly three per cent up on the first quarter of this year.

Figures from the Insolvency Service also showed that the number of creditors voluntary liquidations in England and Wales went up by 56.8 per cent on the corresponding quarter of 2008 to 3,958.

Meanwhile, there was an 8.7 per cent rise in the amount of compulsory liquidations, which was placed at 1,457.

The publication of the figures follows the Insolvency Service’s recent pledge to take action against rogue companies that make false promises and deceive members of the public.