The Latest Insolvency Statistics
The latest statistics have been released by the Insolvency Service. The data set out relates to both company insolvencies and individual insolvencies, from January 2020 to March 2020.
Companies in Q1 of 2020
- The total number of company insolvencies in Q1 of 2020 decreased, in comparison to the previous quarter and also the same quarter in the previous year (Q1 of 2019).
- Creditors’ voluntary liquidations, being the main type of company insolvency, decreased by 10% from Q4 2019, and by 6% when compared to the same quarter in the previous year.
- Compulsory liquidations increased by 1% in comparison to Q4 2019 but overall, they have decreased by 15% since Q1 2019.
Individuals in Q1 of 2020
- The total number of individual insolvencies in Q1 of 2020 decreased, in comparison to the previous quarter and also the same quarter in the previous year (Q1 of 2019).
- Since Q2 2011, Individual Voluntary Arrangements (IVAs) have been the most common individual insolvency type. This contrasts with bankruptcies which decreased following the financial crisis and the introduction of Debt Relief Orders (DROs) in 2009.
- In comparison to the same quarter in 2019, IVAs decreased by 18%, DROs decreased by 3%, and bankruptcies decreased by 1%.
It will certainly be interesting to see how Q1 2020 compares with the statistics of the upcoming quarter whilst we remain in the extraordinary circumstances caused by the Coronavirus (COVID-19).
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.
Posted on May 6, 2020