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Insolvency News – 2nd Quarter 10

COMPANY INSOLVENCIES

There were 4,080 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the second quarter of 2010 (on a seasonally adjusted basis).  This was an increase of 0.5% on the previous quarter and a decrease of 19.1% on the same period a year ago.

 

This was made up of 1,169 compulsory liquidations (which are down 9.9% on the previous quarter and down 21.0% on the corresponding quarter of the previous year), and 2,911 creditors voluntary liquidations (which are up 5.4% on the previous quarter and down 18.3% on the corresponding quarter of the previous year).

In the twelve months ending Q2 2010, approximately 1 in 127 active companies (or 0.8%) went into liquidation, which is a slight decrease from the previous quarter, when this figure stood at 1 in 120.

Additionally, there were 1,311 other corporate insolvencies in the second quarter of 2010 (not seasonally adjusted) comprising 302 receiverships, 777 administrations and 232 company voluntary arrangements.  In total these represented a decrease of 14.3% on the same period a year ago.

COMPANY INSOLVENCIES

There were 4,080 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the second quarter of 2010 (on a seasonally adjusted basis).  This was an increase of 0.5% on the previous quarter and a decrease of 19.1% on the same period a year ago.

This was made up of 1,169 compulsory liquidations (which are down 9.9% on the previous quarter and down 21.0% on the corresponding quarter of the previous year), and 2,911 creditors voluntary liquidations (which are up 5.4% on the previous quarter and down 18.3% on the corresponding quarter of the previous year).

In the twelve months ending Q2 2010, approximately 1 in 127 active companies (or 0.8%) went into liquidation, which is a slight decrease from the previous quarter, when this figure stood at 1 in 120.

Table I. Company Liquidations in England and Wales (seasonally adjusted) 1

% change – Q2 2010 on

2009 Q2

2009 Q3

2009 Q4

2010 Q1 r

2010 Q2 p

Q2 2009

Q1 2010

Company Liquidations

5,041

4,615

4,457

4,060

4,080

-19.1

0.5

of which: Compulsory

1,480

1,289

1,331

1,298

1,169

-21.0

-9.9

Creditors’ Voluntary2

3,561

3,326

3,126

2,762

2,911

-18.3

5.4

Source: Insolvency Service and Companies House
p = provisional, r = revised
1 Longer series back to 2000 are presented in the accompanying detailed tables.
2 Where the creditors’ voluntary liquidation is the first insolvency procedure entered into (see Notes to Editors).

Additionally, there were 1,311 other corporate insolvencies in the second quarter of 2010 (not seasonally adjusted) comprising 302 receiverships, 777 administrations and 232 company voluntary arrangements.  In total these represented a decrease of 14.3% on the same period a year ago.

Table II. Other Corporate Insolvencies in England and Wales (not seasonally adjusted) 1

% change – Q2 2010 on

2009 Q2

2009 Q3

2009 Q4

2010 Q1

2010 Q2 p

Q2 2009

Receiverships2

345

410

397

356

302

-12.5

Administrations3

1,027

974

849

783

777

-24.3

Company voluntary arrangements

157

194

219

204

232

47.8

Source: Companies House
p = provisional,
1 Longer series back to 2000 are presented in the accompanying detailed tables.
2 Includes Law of Property Act receivers (see “Notes to Editors” paragraph 9).
3
Includes Administrator Appointments.

INDIVIDUAL INSOLVENCIES (not seasonally adjusted – see ‘Notes to Editors’ paragraph 13)

There were 34,743 individual insolvencies in England and Wales in the second quarter of 2010. This was an increase of 5.0% on the same period a year ago.

This was made up of 14,982 bankruptcies (which were down 20.6% on the corresponding quarter of the previous year), 13,466 Individual Voluntary Arrangements (IVAs), (which were up 10.2% on the corresponding quarter of the previous year) and 6,295 Debt Relief Orders (DROs)

Insolvency News – 1st Quarter 10

COMPANY INSOLVENCIES

There were 4,082 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the first quarter of 2010 (on a seasonally adjusted basis). This was a decrease of 8.4% on the previous quarter and a decrease of 17.8% on the same period a year ago.
This was made up of 1,314 compulsory liquidations (which are down 1.3% on the previous quarter and down 14.8% on the corresponding quarter of the previous year), and 2,768 creditors voluntary liquidations (which are down 11.4% on the previous quarter and down 19.1% on the corresponding quarter of the previous year).

In the twelve months ending Q1 2010, approximately 1 in 120 active companies (or 0.8%) went into liquidation, which is a decrease from the previous quarter, when this figure stood at 1 in 114 (0.9%).

Additionally, there were 1,343 other corporate insolvencies in the first quarter of 2010 (not seasonally adjusted) comprising 356 receiverships, 783 administrations and 204 company voluntary arrangements. In total these represented a decrease of 24.7% on the same period a year ago.

INDIVIDUAL INSOLVENCIES (not seasonally adjusted – see ‘Notes to Editors’ paragraph 13)

There were 35,682 individual insolvencies in England and Wales in the first quarter of 2010. This was an increase of 17.9% on the same period a year ago.

This was made up of 18,256 bankruptcies (which were down 10.7% on the corresponding quarter of the previous year), 11,782 Individual Voluntary Arrangements (IVAs), (which were up 20.1% on the corresponding quarter of the previous year) and 5,644 Debt Relief Orders (DROs).

In the first quarter of 2010, 86.5% of bankruptcies were made on the petition of the debtor, slightly up on recent quarters. The percentage of bankruptcy orders involving trading debts (self-employed bankruptcies) was 13.0% in the fourth quarter of 2009 (first quarter 2010 figures for trading-related bankruptcies are not yet available), taking the figure for 2009 as a whole to 13.1%, up from 12.1% in 2008.