Insolvency statistics update – October 2021

The number of corporate insolvencies has risen by 63.6%, from 864 in October of last year, up to 1,405 in October 2021. This figure is a 3% decrease from September’s total of 1,449, however the number of corporate insolvencies has seemingly nearly doubled within a year and nearly 20% higher than of those within the same period in 2019.

Directors appear to be assessing their company’s post-pandemic success, ultimately evaluating that with the rise of Covid-19 cases, alongside stagnation in economic growth and consumer confidence, the choice to close their businesses seems like the best option to further avoid incurring additional debts.

Despite a spike in corporate insolvencies, personal insolvencies have fallen by 3% in October 2021 to 9,668 from 9,966 in September 2021. This is 19.2% lower than that of the same period in October 2020 with a figure of 11,960, showing a significant reduction in all types of personal insolvency procedures.

It appears that many people are seeking to settle financial issues, entering Breathing Space, yet it there is still worry in the future of the job market following the closure of the Furlough scheme which supported 1.1m people up to September 2021.

We advise that anyone who is concerned about their personal finances of their business should seek advice at the earliest possible convenience. Our first initial meeting is free and without obligation, therefore please do not hesitate to contact us to give you the best potential options to make a decision that is best for you or your client. 

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or should you or your company be facing financial difficulties and you need to chat, please telephone Charlotte Hutchinson on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices.  Our initial meetings are free and without obligation.  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.

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