The number of company liquidations in England and Wales decreased compared with April to June 2013. Administrations, company voluntary arrangements and receiverships were also lower than a year ago.
The number of people who became insolvent in England and Wales increased compared with April to June 2013. This is because of an increase of one-fifth in the number of individual voluntary arrangements , while the number of bankruptcies and debt relief orders decreased.
Insolvency Service Deputy Chief Executive, Graham Horne said:
The Insolvency Service supports people and businesses in financial difficulty, while protecting the interests of creditors.
Today’s figures show that more people have become insolvent than last year. There are a number of ways to manage debts over time, and it is important that people who need help should seek early advice. The Government-backed Money Advice Service has information on available advice.
More than half the people entering formal insolvency are now using individual voluntary arrangements (IVAs) to deal with their debts compared with other forms of personal insolvencies. Over the last year, there was a 20 percent increase in IVAs while bankruptcies and debt relief orders decreased. Company liquidations decreased over the last three months, reflecting a similar trend over the last year.
View the statistics release