The Insolvency Service has recently published the insolvency statistics for the second quarter of 2014.
Corporate Insolvency Procedures
There has been a decrease in the number of company liquidations. There have been 3,461 in the second quarter compared to 3,718 in the first quarter of 2014. Of the 3,461, 974 were compulsory liquidations and 2,487 were creditor’s voluntary liquidations.
In addition there has been a slight decrease in the numbers of other types of insolvency procedures on the first quarter of 2014. Receiverships were down by 34 from 205 to 171. Administrations are also down by 98 from 508 to 410. The number of company voluntary arrangements has remained the same at 142.
Personal insolvency numbers are up a little. There had been 27,029 in the second quarter of 2014 compared to 24,941 in the first quarter of 2014. There were 5,452 bankruptcies and 7,006 debt relief orders. The largest rise was in the number of individual voluntary arrangements, up by 1,860 to 14,571.
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 7 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 18 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.