The Insolvency Service has recently published the insolvency statistics for the third quarter of 2016.

Corporate Insolvency Procedures

There has been an increase in the number of company liquidations from the last quarter. There have been 2,569 in the third quarter.

In addition there has been an increase in the numbers of other types of insolvency procedures on the second quarter of 2016. There were 352 administrations in the third quarter. The number of company voluntary arrangements has also increased to 75 and there were 5 administrative receiverships.

Personal Insolvencies

 Personal insolvency numbers are up a little. There had been 24,251 in the third quarter of 2016. There were 3,844 bankruptcies and 6,490 debt relief orders. The largest rise was in the number of individual voluntary arrangements, up to 13,917.

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.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or 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.

From 7 November 2016 our Driffield office address will be The Chapel, Bridge Street, Driffield, YO25 6DA