.JPG)
Latest Insolvency Statistics
On the 2nd May 2008, the Insolvency Service released the latest insolvency statistics, reports Paul Davies, Head of the Moore Blatch Debt Recovery Department.
There were 3,210 liquidations in England and Wales in the first quarter of 2008 on a seasonally adjusted basis. This was an increase of 2.0% on the previous quarter and an increase of 4.0% on the same period a year ago.
This was made up of 1,085 compulsory liquidations, a decrease of 6.6% on the previous quarter and a decrease of 22.0% on the corresponding quarter of the previous year, and 2,125 Creditors Voluntary Liquidations, an increase of 7.1% on the previous quarter and an increase of 25.4% on the corresponding quarter of the previous year.
0.6% of active companies went into liquidation in the twelve months ended Q1 2008 - the same as the previous quarter and the corresponding quarter of 2006.
Individual Insolvencies
Whilst the level of individual insolvency has decreased on the previous quarter, personal debt continues to be of concern to many. This is supported by the pronounced shift towards debtor’s petition bankruptcies and away from creditor’s petitions in recent years. By the first quarter of 2008, 84% were made on the petition of the debtor.
There were 25,264 individual insolvencies in England and Wales in the first quarter of 2008 on a seasonally adjusted basis. This was an increase of 1.7% on the previous quarter and a decrease of 13.2% on the same period a year ago. This was made up of 15,651 bankruptcies, an increase of just 0.1% on the previous quarter and an decrease of 6.82% on the corresponding quarter of the previous year, and 9,614 Individual Voluntary Arrangements (IVAs), an increase of 4.3% on the previous quarter and a decrease of 22.0% on the corresponding quarter of the previous year.
When considering insolvency, for either your business or personally, it is vitally important to obtain both professional and independent advice.
The Moore Blatch insolvency team are able to advise in all aspects of insolvency and are able to offer clear and practical solutions to your debt problems.