Corporate collapses fell by more than 20% compared to a year ago and personal
insolvencies continue to break records, according to the
Service‘s latest quarterly statistics.
There were 4,082 compulsory liquidations and creditor voluntary liquidations
in the first quarter of 2010, a decrease of 8.4% on the previous quarter and
17.8% on the same period a year ago.
In the 12 months ending Q1 2010, approximately one in twenty active companies
went into liquidation which is a 0.9% drop on the previous quarter.
There were 783 administrations in the first three months of 2010, a
substantial reduction from their peak in the first quarter of 2009 of 1,311.
Collectively, there were 1,343 receiverships, administrations and company
voluntary arrangements, a 24.7% drop on the 1,783 in Q1 2009.
Q1 2010 breakdowns showed 356 receiverships, 783 administrations and 204
company voluntary arrangements.
Personal insolvencies figures have continued their record-breaking trend.
There were 35,682 filing in the first quarter of 2010, an increase of 17.9% on
Q1 2009, and 108 more filers than the previous quarter.
This was made up of 18,256 bankruptcies, which is down 10.7% on the same
period last year; 11,782 Individual Voluntary Arrangements, up 20.1% on Q1 2009;
and 5,644 Debt Relief Orders which began Q2 2009.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies