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📉 Insolvency Statistics Update – March 2024
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The Insolvency Service has released the latest figures for March 2024, shedding light on the insolvencies in the UK. Here’s a breakdown of the numbers:
Registered Company Insolvencies Breakdown:
In March 2024, a total of 1785 company insolvencies were recorded, with the following distribution:
- 1436 Creditors Voluntary Liquidations
- 228 Compulsory Liquidations
- 112 Administrations
- 9 Company Voluntary Arrangements
Yearly Comparison of Insolvency Types:
Comparing March 2024 with the same month in the previous year reveals a notable decrease. There’s been a 28% fall in insolvency cases, with March 2024 witnessing 685 fewer cases than March 2023.
Changes in Insolvency Types Year On Year:
- Compulsory Liquidations: Decreased by 25% 📉
- Creditors Voluntary Liquidations: Decreased by 29% 📉
- Administrations: Decreased by 23% 📉
- Company Voluntary Arrangements: Decreased by 31% 📉
Month-on-Month Comparison:
In March 2024, there was a 17% fall in insolvency cases compared to February 2024, marking a significant decrease of 322 cases.
Month-on-Month Changes in Insolvency Types (February to March Comparison):
- Compulsory Liquidations: Decreased by 3% 📉
- Creditors Voluntary Liquidations: Decreased by 18% 📉
- Administrations: Decreased by 30% 📉
- Company Voluntary Arrangements: Decreased by 25% 📉
Upcoming Insights:
The industry-specific insolvency statistics for the construction industry in March will be released next month. However, for the month of February, 350 insolvency cases were registered across all industries.
Although the statistics show a positive decline in the number of insolvencies, it is still just as important to keep monitoring and reacting to changes within your customer database. In today’s dynamic business environment, staying proactive in monitoring and addressing potential risks is essential for sustaining long-term success.
If you wish to discuss how our prevention toolkit can support your business, then please call our member support team on 01527 518800
