Insolvency figures reach new high

05 Aug 2019

The number of company insolvencies in England and Wales has risen to its highest level in five years, according to the latest data from the Insolvency Service.

4,321 company insolvencies were recorded in the second quarter of 2019 – a 12% increase on the same period last year. It is the highest quarterly number recorded by the Insolvency Service since the beginning of 2014. The increase was largely driven by Creditors' Voluntary Liquidations (CVLs).

According to the Insolvency Service's latest figures, CVLs accounted for 70.4% of all company insolvencies. 18.2% were compulsory liquidations, and all other types accounted for 11.4% of insolvencies.

Commenting on the figures, Martin McTague, Policy and Advocacy Chairman at the Federation of Small Businesses (FSB), said: 'These latest figures are hugely concerning, highlighting the immense strain that small businesses are under.

'Uncertainty is now severely weighing on small firms and the self-employed, making it harder for them to invest, plan and grow. Central to this is the unknown nature of what the UK's future relationship with the EU will look like and the growing risk of a cliff edge no-deal Brexit on October 31, for which smaller businesses are simply not prepared.'

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.