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August 11, 2011 0

The lastest Insolvency figures show that things are tough, but they have been worse.

The Insolvency Service stats for the 2nd Quarter of 2011, in England & Wales:

Corporate Insolvencies

The number of liquidations (compulsory and creditors’ voluntary) increased by 3% on the previous quarter – an increase of 4% on the same period a year ago.

Overall, approximately 0.7% of all active registered companies went into liquidation.

Is this a lot?

Well, not when you compare it to a peak of 2.6% in 1993.

Personal Insolvencies

The number of individual insolvencies decreased by 12% compared to the same period last year ~ which might be a surprise to many people.

Overall, this equates to approximately 1 in 349 people becoming insolvent.

Is this a lot?

Well, compared to an annual average over the last 25 years of 1 in 1,780 people, it is a worryingly high proportion.

Other interesting Insolvency stats

Retailers

Retailers are showing more signs of stress than any other sector

40% are concerned about debt

8% say they are likely to become insolvent in the next 12 month.

Pubs

Pub insolvencies increased by 30% in the first six months of the year compared with 2010.

Construction

Construction has seen a 4% drop in the number of companies going out of business.

The future: Who knows?

For many small business owners, things aren’t expected to get better any time soon.

The current problems include:

  • spending cuts
  • consumers tightening their purse strings
  • the economic trouble in the US and Europe
  • stock market wobbles
  • rioting in the UK… a frequent bi-product of economic problems

It is not easy to be optimistic – but without some business confidence, we’ll never get out of this mess.

If you’re based in the Manchester area and you feel like you need a helping hand managing your businesses debt contact Clarke Bell for business insolvency advice with a FREE and discreet consultation.

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