Published: 20/08/2024 By Hannah Duncan
Welcome to July's 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 number of monthly insolvencies continues to be unpredictable with a reduction in numbers since June but an increase since the month prior to that (May). Compared to the same time last year total numbers have also increased by 16%.
The graph below shows the total number of company insolvencies, split by the type of insolvency, the data is from July 2019 until July 2024.
There were 2,191 registered company insolvencies in July 2024 in England & Wales
- 7% lower than last month
- 16% higher than July 2023
- 1 in 177 companies entered into insolvency in the last 12 month period
These figures are made up as follows:
Creditors Voluntary Liquidations - CVLs = 1,691
Compulsory liquidations =320
Administrations = 155
Company Voluntary Arrangements - CVA's =25
Receivership = 0
Moratorium = 55 between 26th June 2020 & 31st July 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.
Want to know more about each Insolvency procedure listed? Or just need some insolvency advice? Please click each link above for our insolvency advice pages or give us a call for a more detailed chat, call 020 8661 7878 or email insolvency@turpinba.co.uk we offer a free no obligation initial meeting.
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