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Insolvency rates head in opposing directions for Companies vs Individuals

Published: 05/11/2018 By Victoria Feddo

The Insolvency Service has released the latest data on Company and Individual insolvencies for Q3 2018.

The headline statistics are:
Companies
The underlying number of corporate insolvencies increased in Q3 2018 both on the previous quarter and on the same quarter in 2017.
This was driven by a rise in underlying creditors’ voluntary liquidations which rose to their highest level in over six years (since Q1 2012).
The construction industry had the highest number of insolvencies in the 12 months ending Q3 2018, followed by the wholesale and retail trade & repair of vehicles industrial grouping.

Individuals
Total individual insolvencies fell in Q3 2018 from a six-year high in Q2 2018.
This was driven by a decrease in individual voluntary arrangements, and was partially offset by increases in bankruptcies and debt relief orders.
In the 12 months ending Q3 2018, the rate of insolvency was 1 in 434 adults.

If you’re experiencing financial difficulties or your business is under pressure, please contact a member of our friendly, professional team on 020 8661 7878 for a free, confidential, no obligation review.