The Insolvency Service have today released the statistics for November 2020.
There were 889 company insolvencies, comprised of 767 creditors voluntary liquidations, 34 compulsory liquidations, 73 administrations and 15 company voluntary arrangements. this was a 41% decrease on the same month last year.
The likely reason for the decrease is the Government measures put in place to help companies survive the pandemic.
There were 1,425 debt relief orders granted and 927 bankruptcies, around a 35% decrease on the November 2019 figures.
Again, the decrease in personal insolvency numbers can be attributed to the measures the Government put in place, along with reduced HMRC enforcement.
It will be interesting to see what the figures will be next November!
If our business has been affected by the pandemic or 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 at our Driffield, Scunthorpe or York offices. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.