Insolvency News – 3rd Quarter 08


COMPANY INSOLVENCIES

There were 4,941 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the first quarter of 2009 (on a seasonally adjusted basis).  This was an increase of 7.1% on the previous quarter and an increase of 56.0% on the same period a year ago.
INSOLVENCIES IN THE THIRD QUARTER 2008
Date: 21-11-2008

Statistics showing insolvencies in the third quarter of 2008 by The Insolvency Service.

COMPANY INSOLVENCIES

There were 4,001 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the third quarter of 2008 (on a seasonally adjusted basis). This was an increase of 10.5% on the previous quarter and an increase of 26.3% on the same period a year ago.

This was made up of 1,483 compulsory liquidations (which are up 10.9% on the previous quarter and 16.1% on the corresponding quarter of the previous year), and 2,518 creditors voluntary liquidations (which are up 10.2% on the previous quarter and 33.2% on the corresponding quarter of the previous year).

INDIVIDUAL INSOLVENCIES

There were 27,087 individual insolvencies in England and Wales in the third quarter of 2008 on a seasonally adjusted basis. This was an increase of 8.8% on the previous quarter and an increase of 4.6% on the same period a year ago.

This was made up of 17,341 bankruptcies (which were up 12.1% on the previous quarter and 9.5% on the corresponding quarter of the previous year), and 9,746 Individual Voluntary Arrangements (IVAs), (which were up 3.3% on the previous quarter but down 3.1% on the corresponding quarter of the previous year).

The above news reiterates our drive to request customers to refer their past due receivables to us as soon as possible. The general trend shows that quite frankly First Collect predicts that insolvencies will continue to rise in the next quarter. As soon as your customer exceeds your agreed payment terms and has made the usual excuses – please refer them to First Collect International for assistance at once. Quick referral of your debts has 2 advantages

  • your debtor hopefully is still in business
  • the costs to collect can be as little as 6% – you could recover 94% of your debt rather than keep 100% of nothing…….!!