Insolvency in numbers - individual insolvencies reach a six year high

The Insolvency Service have released the latest data on company and individual insolvency numbers in England & Wales. The statistics cover the period from April to June 2018 (Q2 2018). Below are the key findings from the report: 

Companies

• The underlying number of insolvencies decreased in Q2 2018 but was higher than the same quarter in 2017
• This was driven by falls in Compulsory Liquidations, Administrations and underlying Creditors’ Voluntary Liquidations (“CVLs”)
• Of the 3,918 corporate insolvencies there was 2,731 CVLs, representing 69.7% of all insolvencies
• Construction was the industry with the highest number of insolvencies in the 12 months ending Q2 2018

Individual

• Total individual insolvencies continued to increase in Q2 2018, reaching the highest quarterly level since Q1 of 2012
• This was driven by increases in Individual Voluntary Arrangements (“IVA”), which reached a record high, and Debt Relief Orders
• The number of IVAs in Q2 218 rose 5.7% compared to Q1 2018. This was the largest quarterly number of IVAs since they were introduced in 1987
• There were 28,951 individual insolvencies in Q2 2018, 62% of which were IVAs

If you would like to find out more about our Insolvency and Recovery services, please visit our dedicated web page or alternatively you can contact us on 0330 024 0888 or email insolvency@larking-gowen.co.uk