The Insolvency Service statistics for the 3rd Quarter 2010 have been released.
In summary, they show…
Compared to the corresponding quarter of last year…
- Corporate Insolvencies
- Compulsory Liquidations ~ down 13%
- CVLs (Creditors Voluntary Liquidations) ~ down 14%
- Administrations ~ down 35%.
- Approximately 1 in 133 active companies went into liquidation ~ i.e. 0.8% of active registered companies. (The rate peaked at 2.6% in 1993, and the average over the last 28 years has been 1.3%.)
- Individual Insolvencies
- Individual insolvencies ~ down 4%
- Bankruptcies ~ down 24%
- IVAs (Individual Voluntary Arrangements) ~ up 5%
- DROs (Debt Relief Orders) ~ increased each quarter since they were introduced in April 2009
- Approximately 1 in 311 people became insolvent. (The rate has increased sharply since 2004, with the average over the last 28 years being 1 in 575.)
All in all, these figures might surprise people due to the number of decreases.
However, the figures for all Insolvencies are expected to increase over the coming months. So, we are not yet out of these troubled times.
We offer insolvency advice to businesses, sole-traders and individuals deal with their financial problems.
Give us a call if you would like a free consultation to discuss your situation.