Top Service News
📉 Insolvency Statistics Update – February 2024
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The Insolvency Service has released the latest figures for February 2024, shedding light on the state of insolvencies in the UK. Here’s a breakdown of the numbers:
Registered Company Insolvencies Breakdown:
In February 2024, a total of 2102 company insolvencies were recorded, with the following distribution:
- 1707 Creditors Voluntary Liquidations
- 217 Compulsory Liquidations
- 166 Administrations
- 12 Company Voluntary Arrangements
Year-on-Year Comparison:
Comparing February 2024 with the same month in the previous year reveals a notable increase. There’s been a 17% rise in insolvency cases, with February 2024 witnessing 301 more cases than February 2023.
Month-on-Month Comparison:
In February 2024, there’s been an 18% surge in insolvency cases compared to January 2024, marking a significant increase of 328 cases.
Changes in Insolvency Types:
Compulsary Liquidations: Decreased by 35% 📉
Creditors Voluntary Liquidations: Increased by 32% 📈
Administrations: Increased by38% 📈
Company Voluntary Arrangements: Decreased by 25% 📉
Upcoming Insights:
The industry specific insolvency statistics for the construction industry in February will be released next month, however for the month of January, 295 insolvency cases were registered.
These statistics provide crucial insights into the financial environment, enabling businesses to make informed credit decisions.
At Top Service, we encourage businesses to regularly check how well your credit management tools and processes are working. Given the high number of companies facing financial issues, it’s crucial to review these processes carefully. A proactive approach to credit management will help to support businesses through challenging times.
Contact Top Service on 01527 503990 to explore how we can assist you further with credit management tools and to learn more about the range of services we offer.
