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Company insolvencies rise

The number of company liquidations rose over the first three months of the year, figures from The Insolvency Service have revealed.

In the first quarter of the year (Jan-Mar), there were 4,121 company liquidations in England and Wales. The majority - 3,047 - were Creditors` Voluntary liquidations, while 1,074 were Compulsory liquidations.

In all, that marks a 3.7% increase on the previous quarter, and a 2.1% rise on the figure from the first quarter of 2010.

Having said that, it`s still nowhere near the figure of 4,949 company liquidations we saw in the second quarter of 2009.

It`s worth noting that Compulsory liquidations actually dropped 10.2% over the quarter, while Creditors` Voluntary liquidations grew by 9.7%.

There were also 1,314 other corporate insolvencies between January and March (782 administrations, 349 receiverships and 183 company voluntary arrangements).

A spokesperson at the IVA Advisory Centre commented: "An increase in the number of companies going out of business will clearly have an effect on many individuals` finances - and when a household`s income drops, it`s important they take a good look at their budget and think carefully about the best way forward.

"Unless they`re able to increase their income quickly enough, many of them could end up facing the prospect of insolvency themselves. We`d recommend that anyone in that situation talks to an expert about their finances if they have any worries at all."



The IVA Advisory Centre is a licensed Insolvency Practice, offering expert debt advice as well as IVAs and a comprehensive range of other debt solutions. If you are in debt and would like to explore your options, contact one of our advisers today.