Insolvencies Continue to Decline
Posted on 5 November 2015
Figures released by The Insolvency Service show a reduction in the level of all types corporate insolvency.
Compulsory Liquidations (WUC): 20.4% decrease on previous quarter and 29.2% lower than Q3 2014.
Creditor's Voluntary Liquidation (CVL): 0.7% decrease on the previous quarter and 4.3% lower than same quarter last year.
Administrations (ADM) and Company Voluntary Liquidations (CVA): down by 2.4% and 32.1% respectively on the previous quarter and 5.5% and 14.6% decrease on the same quarter 2014.
Overall Liquidations were at their lowest level since comparable records began in 1984.
On the personal insolvency front, overall the total number of persons becoming insolvent has decreased compared with same quarter in 2014 but increased compared with previous quarter, driven by a rise in Individual Voluntary Arrangements (IVA).
Commenting on the figures, Phil Sykes, president of the insolvency trade body R3,said: "the unique conditions of this recovery - low interest rates and creditor forbearance - meant that we never saw the traditional post recession spike in corporate insolvencies".
Read the full Insolvency Service report
It is essential that businesses and individuals seek early advice as it is often possible to avoid formal insolvency proceedings and implement a recovery plan
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