Fewer insolvencies in run-up to Coronavirus pandemic
Company insolvencies decreased by 8.5% in the first quarter of 2020 compared to Q4 2019. This was mainly driven by a decrease in company voluntary liquidations. The construction industry had the highest number of insolvencies in the 12 months ending Q1 2020. It remains one of the sectors under immense pressure while the UK remains on lockdown.
Individual insolvencies also saw a drop of 3.9% compared to last quarter, although overall levels remain high. The impact of the Coronavirus pandemic will not be visible until the next quarter’s statistics are released.