This release by the Insolvency Service also provides the overall statistics for 2019 and some interesting key messages.
Companies in 2019
- Company insolvencies increased to their highest annual level since 2013.
- This was largely driven by an increase in creditors’ voluntary liquidations which reached their highest annual level since 2009.
- Administrations increased by 24% from 2018 to 1,814.
People in 2019
- Total individual insolvencies increased to their highest annual level since 2010.
- This was largely driven by an increase in individual voluntary agreements which reached their highest year on record.
- There was a 0.6% increase in bankruptcies between 2018 and 2019, to 16,702.
The Latest quarter (Q4 2019)
- Company insolvencies decreased in Q4 2019 compared with Q3 2019.
- Total individual insolvencies decreased in Q4 2019 compared with Q3 2019.
- Of the larger industry groupings, in the 12 months ending Q4 2019, the construction industry group saw the largest increase in insolvency volumes (69 more, a 2.2% increase) compared with the 12 months ending Q3 2019.
As we highlighted in the statistics published this time last year, it is entirely plausible that political instability and the associated economic uncertainty created by Brexit are contributing factors to the effects on both businesses and households, as evidenced in this year’s statistics. It will certainly be interesting to see whether the existing trends continue this year and beyond.
You can see the full release of insolvency statistics set out in various formats and tables below:
For more information or advice on this or any other insolvency-related issue, you can contact Head of Insolvency and qualified Insolvency Practitioner, Annabel Whittaker on 0115 9 100 256 or send her an email.
Posted on February 26, 2020