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COMPANY
INSOLVE
NCIES
(Trends based on recent
quarters’ data for all corporate insolvency procedures, except
compulsory liquidations, have been affected by revisions
received from Companies House to the 2007 and 2008 Q1 figures.)
There
were 3,560 compulsory liquidations and creditor’s voluntary
liquidations (CVLs) in total in England and Wales in the second
quarter of 2008 on a seasonally adjusted basis. This was an
increase of 11.6% on the previous quarter and an increase of
15.0% on the same period a year ago.
This
was made up of 1,324 compulsory liquidations, an increase of
19.8% on the previous quarter but a decrease of 0.7% on the
corresponding quarter of the previous year, and 2,236 CVLs, an
increase of 7.3% on the previous quarter and an increase of
27.0% on the corresponding quarter of the previous year.
In
the twelve months ending Q2 2008, 0.6% of active companies went
into liquidation, the same as the previous quarter and the
corresponding quarter of 2007.
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Number
of Company Liquidations in England and Wales (seasonally
adjusted) 1,2
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Percentage
change
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2007
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2007
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2007
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2008
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2008
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Q2
2008 on:
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Q2r
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Q3r
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Q4r
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Q1r
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Q2p
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Q1
2008
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Q2
2007
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Company
Liquidations
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3,095
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3,167
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3,039
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3,189
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3,560
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11.6
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15.0
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of
which:
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Compulsory
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1,334
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1,277
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1,162
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1,106
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1,324
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19.8
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-0.7
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Creditors
Voluntary 3
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1,760
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1,890
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1,877
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2,084
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2,236
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7.3
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27.0
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Source:
Insolvency Service and Companies House
p = provisional,
r = revised
1
Longer series back to 1998 are presented in the
accompanying detailed tables.
2
Trends for CVLs reflect revisions to figures for 2007 and
Q1 2008 by Companies House.
3
Where the CVL is the first insolvency procedure entered
into (see Notes to Editors). |
Additionally,
there were 1,246 other corporate insolvencies in the second
quarter of 2008, comprising 177 receiverships, 938
administrations and 131 company voluntary arrangements (not
seasonally adjusted). In total these represented an increase of
7.6% on the previous quarter and an increase of 63.1% on the
same period a year ago.
It
should be noted that these figures are not seasonally adjusted
and are not, therefore, on the same basis as the headline
liquidation figures above. The accompanying detailed tables also
include the non-seasonally adjusted series for corporate
liquidations.
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Other
corporate insolvencies in England and Wales (not
seasonally adjusted) 1,2
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Percentage
change
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2007
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2007
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2007
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2008
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2008
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Q2
2008 on:
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Q2r
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Q3r
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Q4r
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Q1r
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Q2p
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Q1
2008
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Q2
2007
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Receiverships
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77
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80
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92
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159
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177
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11.3
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129.9
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Administrations
3
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585
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668
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575
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859
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938
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9.2
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60.3
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Company
voluntary
arrangements
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102
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129
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91
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140
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131
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-6.4
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28.4
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Source: Companies House
p
= provisional, r
= revised
1
Longer series back to 1998 are presented in the
accompanying detailed tables.
2
Trends reflect revisions to figures for 2007 and Q1 2008
by Companies House.
3
Including Administrator Appointments. |
INDIVIDUAL
INSOLVENCIES
There were 24,553
individual insolvencies in England and Wales in the second
quarter of 2008 on a seasonally adjusted basis. This was a
decrease of 2.0% on the previous quarter and a decrease of 8.3%
on the same period a year ago.
This
was made up of 15,297 bankruptcies, a decrease of 1.3% on the
previous quarter and a decrease of 5.7% on the corresponding
quarter of the previous year, and 9,256 Individual Voluntary
Arrangements (IVAs), a decrease of 3.2% on the previous quarter
and a decrease of 12.4% on the corresponding quarter of the
previous year.
For bankruptcy orders there has
been a pronounced shift towards debtor’s petition bankruptcies
and away from creditor’s petitions in recent years.
By the second quarter of 2008, 84% were made on the
petition of the debtor.
The
percentage of bankruptcy orders involving trading debts
(self-employed bankruptcies) has fallen from 61% in 1995 to
12.1% in the first quarter of 2008 (second quarter 2008 figures
for trading-related bankruptcies are not yet available). It
should be noted, however, that figures for 2007 onwards are
based on a revised classification and are not entirely
consistent with earlier years figures.
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