The latest figures for October 2020 from the Insolvency Service show that there were 672 creditors’ voluntary liquidations, 59 compulsory liquidations, 104 administrations and 31 company voluntary arrangments, in England and Wales.
This was a decrease on the same period last year by 42% which can be explained by the Government support schemes, including the temporary ban on winding up petitions until 31 December 2020.
There has also been a decrease in the number of personal insolvencies when compared to October 19, with 1,572 debt relief orders, down by 37% and 1,048 banksuptcies, down by 25%.
Again the decrease is probably due to the Government’s financial support schemes and the reduction in HMRC enforcement.
for more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, 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, either virtually or at any of our offices whilst observing the socially distancing guidelines.