INSOLVENCY FIGURES FOR JUNE MAKE INTERESTING READING
Corporate Insolvency figures recently issued for the second quarter of 2012 show there were 4,115 compulsory and creditors’ voluntary liquidations for the 3 months ended 30th June 2012. This was a decrease of 3.6% on the previous quarter and 2.4% less than the same quarter in 2011.
This was made up of 1040 compulsory liquidations (down 13.9% on the previous quarter and down 18.7% on the corresponding quarter of 2011) and 3075 creditors’ voluntary liquidations (0.4%} up on previous quarter and 4.6% up on corresponding quarter of 2011).
There were 1,310 other corporate insolvencies comprising 333 receiverships, 625 administrations and 352 company voluntary arrangements – an increase of 6.3% for the same period of 2011. These figures have remained fairly consistent from 2010.
So, despite entering a double-dip recession the total number of companies failing overall has declined slightly. The problems in the retail and construction sectors continue to be well documented.
Many economists are predicting (as they have been for some time) this is the lull before the storm but this recession does not seem to be following the historical trends.
Personal insolvency figures were 27,390 for the same period. These figures were down 10.2% from the corresponding quarter in 2011. There were 8,088 bankruptcies (down 27.1%}), 7,956 debt relief orders (up 9.6%) and 11,346 individual voluntary arrangements (IVAs) (down 6.6%.