Published: 26/09/2024 By Hannah Duncan
Welcome to our August monthly insolvency statistics blog; each month we look at what the Insolvency Service has published regarding total number of company insolvencies for England and Wales (for the previous month).The data is taken from monthly company insolvency statistics created by the insolvency service.
The total number of company insolvencies in August was lower than last month and in August 2023.
The graph below shows the total number of company insolvencies, split by the type of insolvency, the data is from August 2019 until August 2024.
There were 1,953 registered company insolvencies in August 2024 in England & Wales
- 9% lower than last month
- 15% lower than August 2023
- 1 in 180 companies entered into insolvency in the last 12 month period
These figures are made up as follows:
Creditors Voluntary Liquidations - CVLs = 1,542
Compulsory liquidations = 279
Administrations = 112
Company Voluntary Arrangements - CVA's = 20
Receivership = 0
Moratorium = 57 between 26th June 2020 & 31st August 2024
If you have noticed that your business is struggling financially, perhaps it has cash flow issues, don't panic, there are options to try before an official insolvency procedure is needed BUT you must act now! We are rescue and recovery specialists, we thrive on business turnaround and are only a phone call away from getting your business back on track. Read our blog on 6 reasons why you should take early advice from an IP
Could a Moratorium give you the necessary breathing space to save your business? Find out here.
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