The Insolvency Service have just published the insolvency figures for May 2021, these show that the there has been a 7% rise in the numbers of corporate insolvencies from May 2020.
The number of corporate insolvencies are still well below the pre-pandemic levels which is evidence that the success of the Government support measures.
The number of personal insolvencies fell by 39% in May 2021 compared with May 2020. The reduction was largely due to a significant reduction in the numbers of IVAs. The Government introduced a new breathing space regime for individual debtors to give them protection and we expect personal insolvency numbers to reduce in the short term as more people take advantage of the new moratorium.
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 and she will make you an appointment with one of our insolvency professionals at our Driffield, East Yorkshire, Hull, Grimsby North East Lincolnshire,, Scunthorpe, North East Lincolnshire or York, North Yorkshire offices. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.
Because we are an independent insolvency practice, we keep our overheads low and have put systems in place to deal with simple liquidations at an affordable price of from £1,995 + VAT + Disbursements. Our MVLs are from £995 + VAT + Disbursements.