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Company insolvencies fell in Q1

Published on 7 May 2010 under category: legal

The number of UK companies declared insolvent in the first three months of the year was lower than in the previous quarter.

Figures from the Insolvency Service show that there were 4,082 compulsory and voluntary liquidations in England and Wales in the first quarter of 2010.

This was a fall of 8.4 per cent on the final three months of 2009 and 17.8 per cent lower than the same period a year ago.

Compulsory insolvencies dropped 1.3 per cent quarter-on-quarter, while voluntary liquidations were down by 11.4 per cent.

In the last 12 months, around one in every 120 companies actively operating in the UK was declared insolvent.

During the previous 12 months, the figure stood at one in every 114.

The Insolvency Service data also shows that individual insolvencies rose in the first quarter, driven by an increase in the number of consumers taking out individual voluntary arrangements.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.