COMPANY INSOLVENCIES have risen 6.5% in the third quarter compared to the same period a year ago government statistics show.
Corporate insolvencies increased to 4,242 for the third quarter of this year compared to 3,974 for Q3 last year the Insolvency Service has revealed.
The latest figures show a marginal 0.1% increase on company insolvencies compared with the previous quarter.
Company voluntary arrangements (CVA) hit a five-quarter high, with 206 companies using this process in the third quarter of 2011 – up from 187 in the previous quarter. This is a 29% increase compared to the same period a year ago, when 159 companies opted to use this method.
CVAs consolidate debt and contracts for a percentage of the debt to be repaid over an arranged period of time. It must be agreed upon by at least 75% of creditors, by value, for approval.
Voluntary liquidations rose 3.1% on the previous quarter and 6.8% compared to Q3 2010.
However, administrations fell to 673 inQ3 2011 – a rise of 31 on the same period last year, but down 22 on the previous quarter.
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
Smith & Williamson has been appointed administrators of charity 4Children