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Corporate Insolvencies Jump by 15%

October 30 2017

The latest figures from the Insolvency Service reveal a 15% increase in the rate of corporate insolvencies in England and Wales compared to the same quarter in 2016. Although the headline figure fell in Q3 compared to Q2, the previous quarter's figures were distorted by a one-off event related to changes in tax rules for personal service companies, which caused 1,131 of these companies to go into voluntary liquidation. Adjusting for this effect, the underlying rate of corporate insolvency in Q3 shows a 14.5% increase compared to Q2.

In England and Wales

  • 4,152 companies entered insolvency in Q3 2017
  • This is a 14.5% increase on the underlying rate in Q2 2017 and 15% higher than Q3 2016
  • A significant increase in creditors' voluntary liquidations (+22%) was behind the rise

In Scotland

  • 229 companies entered insolvency in Q3 2017
  • This is an 11.2% decrease compared with Q3 2016

Samantha White, CEO of My Credit Controllers, said

"These figures show the increasing risk of default that face businesses that offer credit to their customers. If you are worried that a company has gone into insolvency, but are struggling to find out, why not try our new Company Check tool?"

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