The Insolvency Service has recently published the insolvency statistics for the first quarter of 2014.

Corporate Insolvency Procedures

There has been an increase in the number of company liquidations.  There have been 3,721 in the first quarter compared to 3,552 in the last quarter of 2013.  Of the 3,721, 1,072 were compulsory liquidations and 2,649 were creditor’s voluntary liquidations.

However there has been a slight decrease in the numbers of other types of insolvency procedures on the last quarter of 2013.  Receiverships were down by 31 from 236 to 205.  Administrations are also down by 62 from 599 to 537.  The number of company voluntary arrangements has risen slightly by 19 from 123 to 142.

Personal Insolvencies

Personal insolvency numbers are up a little.  There had been 24,931 in the first quarter of 2014 compared to 24,305 in the last quarter of 2013.  There were 5,671 bankruptcies and 6,549 debt relief orders.  The largest rise was in the number of individual voluntary arrangements, up by 378 to 12,711.

It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.

To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.

Redman Nichols Butler has had a York office for nearly six years now and specialises in advising SME businesses in York and North Yorkshire. The Redman Nichols Butler York office address is Westminster Business Centre, Nether Poppleton, York, YO26 6RB.

Redman Nichols Butler has had a Driffield office for 16 years now and specialises in advising SME businesses in East Yorkshire. The Redman Nichols Butler Driffield office address is Maclaren House, Skerne Road, Driffield, East Yorkshire, YO25 6PN.

Redman Nichols Butler has had a Scunthorpe office for nearly 4 years now and specialises in advising SME businesses in Scunthorpe, Grimsby and all over North East Lincolnshire. The Redman Nichols Butler Scunthorpe office address is Suite 8b, Normanby Gateway, Lysaghts Way, Scunthorpe, DN15 9YG.