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Summary of Insolvency Statistics – July to September 2016 (Q3 2016)


Below is the summary of the latest data published by The Insolvency Service on company insolvency. 

Company insolvency in England and Wales

 Key findings for Q3 2016

 

 This quarter has seen an increase of company insolvencies overall with an estimates total of 3,633 companies entered insolvency, this was 2.2% higher than Q2 in 2016 and 1.1% higher than Q3 in 2015. This therefore has been driven by an increase in creditors’ voluntary liquidation with an estimated 2,569 companies entering voluntary liquidation in Q3 2016, a 5.2% increase on the previous quarter.

This quarter showcased a decrease in compulsory liquidation with a total of 632 companies which were subject to compulsory liquidation. This is a 4.5% decrease on the previous quarter however it is 2.4% higher than Q3 2015.

The liquidation rate was at its lowest level since comparable records began with the estimated liquidation rate in 12 months ending Q3 2016 was 0.41% of active companies, the lowest level since comparable records began in Q4 1984. 

 

 

Individual insolvency in England and Wales

Key findings for Q3 2016

Q3 2016 has seen a total individual insolvencies increased for the fifth consecutive quarter. The number of people who became insolvent in England and Wales was 24,251 – this is a 6% increase on Q2 2016 and 19.3% higher than Q3 2015.

There’s been a driven by an increase in individual voluntary arrangements which was 10.9% higher compared to Q2 2016 and 28.8% higher compared to the same period in 2015.

However, the number of debt relief orders has been on a 3.7% decrease this quarter although it has increased 15.3% when compared to the same period in 2015.

Furthermore, bankruptcies have increased by 7% compared with the last quarter but it is 1.5% lower than Q3 2015. The increase was because of a change to eligibility criteria effective October 2015.

In the 12 months ending Q3 2014, 1 in 515 adults became insolvent leading to the rate of insolvency increasing.

 

To read more on these statistics the full document can be seen here > Summary of Insolvency Statistics – July to September 2016 (Q3 2016)


Added: 25 Nov 2016 09:26


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About Us


We are an independent firm of specialist Licensed Insolvency Practitioners located in Bromsgrove, Worcestershire.

At The Timothy James Partnership, we work very closely with local businesses and professionals, providing guidance on formal insolvency procedures and advice on restructuring businesses.

We recognise that at times, companies find themselves in difficult financial circumstances and our aim is to provide practical solutions in these situations.