Q3 Insolvency statistics: administrations up 20% on Q2
The Insolvency Service has released its figures for Q3 2019 revealing an upwards trend across all company insolvencies except compulsory liquidations. Administrations are reported to have reached their highest since Q1 2014 and creditor’s voluntary liquidations peaked above levels not seen since Q1 2012.
Overall individual insolvencies are also on the up with a 0.6% rise from Q2 2019. The last four quarters have seen individual voluntary agreements at their highest on record with just under 20,000 this quarter.
Source: The Insolvency Service
Dale Hernon, Director of Client Services said: “The upwards trend of individual voluntary arrangements and creditors voluntary liquidations we are seeing may be down to the increased willingness creditors are showing by allowing debtors the breathing space to seek advice; this doubled with the high costs incurred by creditors looking to instigate proceedings means the debtor is often in charge of the next steps and a voluntary process is generally the preferred way forward.”