Insolvency stats: administrations continue to fall

Corporate collapses fell by more than 20% compared to a year ago and personal
insolvencies continue to break records, according to the
Insolvency
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.

Further reading:

Deloitte
predicts personal insolvencies to remain at 35,000

Business
owe more than £55bn to creditors

UK
not at the end of the insolvency tunnel: PwC

Insolvency
industry saves 2m jobs