The Insolvency Service released Quarter 2 2016 (Q2 2016) insolvency statistics for the quarter April to June 2016 on 28 July 2016. Total company insolvencies in England & Wales were lower than the previous quarter and also decreased on the year. The report remarked on the fact that the decrease was mainly due to a decrease in the number of compulsory liquidations, down to 662 from 770 in the corresponding period in 2015.
The number of creditor’s voluntary liquidations has remained almost static, 2,501 in Q2 2016 compared to 2,483 in Q2 2015, in increase of just 0.7{06aeb1921e0b802d2bd9c766bc98fb11cc6a46c2b0593ed9c88a0e29cf417a34}.
The construction sector suffered the highest number of new insolvencies (2,461) in the 12 month period ending Q1 2016.
The second highest number of new company insolvencies was in the “wholesale and retail trade & repair of motor vehicles and motorcycles” sector, the reported number being 2,103.
Five industry sectors have remained in the “top five” since Q1 2012 although the order did sometimes change.
The sustained level of recent company insolvencies demonstrates the need for advice and support for directors of limited companies facing financial difficulties. T H Financial Recovery, with manned offices in both Leyland and Burnley, is ideally situated to advise on all insolvency and business recovery issues. For a free initial consultation, call either 01772 641146 or 01282 332222 to speak to one of our advisors.