10 Feb 2020 / Back to latest updates

New Insolvency Statistics published by the Insolvency Service for year ending 2019 (October 2019 to December 2019)

The statistics reveal some bleak but interesting findings showing the status of the current UK economy. 

Individual

• Total insolvencies for 2019 was at the highest level since 2010;
• Total number of Individual Voluntary Arrangements were the highest since they were introduced;
• There was a 0.6 per cent increase in bankruptcies between 2018 and 2019, to 16,702
• Total insolvencies were lower in Quarter 4 than Quarter 3.

Company

• The total company insolvencies were the highest since 2013;
• An increase showed for Company Voluntary Liquidations which was at its highest since 2009;
• Administrations increased since 2018 and compulsory liquidations were down compared to 2018
• The Construction Industry Sector had the highest numbers of company insolvencies at the end of 2019

A further report by Insolvency firm Begbies Traynor indicated that the amount of businesses in ‘significant financial distress’ [by their Red Alert showing businesses with CCJ’s of less than £5,000 against them] had increased to 494,000 in 2019 specially for the sectors of real estate and property, support services, construction and retail sectors.

If you need help or advice in either considering entering into insolvency or bringing insolvency action against a debtor, our expert team can help.  Whether a one-off case or a substantial debt portfolio, we offer a one-stop-shop for businesses suffering from late payments, including pre-legal collections right through to post insolvency action.

For further information, please contact us.