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Insolvency Statistics Update – April 2024
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The Insolvency Service has released the latest figures for April 2024, shedding light on the insolvencies in the UK. Here’s a breakdown of the numbers:
Registered Company Insolvencies Breakdown:
- In April 2024, a total of 2,177 company insolvencies were recorded, with the following distribution:
- 📉 1,715 Creditors’ Voluntary Liquidations
- 🚫 300 Compulsory Liquidations
- 🏢 144 Administrations
- 📄 18 Company Voluntary Arrangements
📊 Creditors’ Voluntary Liquidations accounted for 79% of all company insolvencies in April 2024. The number of CVLs increased by 18% from March 2024 and was 17% higher than in April 2023.
Yearly Comparison of Insolvency Types:
📈 Comparing April 2024 with the same month in the previous year reveals a notable increase. There’s been an 18% increase in insolvency cases, with April 2024 witnessing 339 more cases than April 2023.
Changes in Insolvency Types Year on Year:
- 🚫 Compulsory Liquidations: Increased by 21%
- 📈Creditors’ Voluntary Liquidations: Increased by 17%
- 🏢 Administrations: Increased by 25%
- 📄 Company Voluntary Arrangements: Increased by 50%
Month-on-Month Comparison:
📅 In April 2024, there was an 18% increase in insolvency cases compared to March 2024, marking a significant increase of 339 cases.
Month-on-Month Changes in Insolvency Types (March to April Comparison):
- 🚫 Compulsory Liquidations: Increased by 11%
- 📈 Creditors’ Voluntary Liquidations: Increased by 18%
- 🏢 Administrations: Increased by 36%
- 📄 Company Voluntary Arrangements: Increased by 100%
In April 2024, there were 2,177 recorded company insolvencies, 300 of which were in the construction industry. The breakdown within the construction sector includes:
- 🏗️ 122 cases in the construction of buildings
- 🏞️ 14 in civil engineering
- 🛠️ 184 in specialised construction activities
🔍 With the recent increase in the number of insolvencies, it is crucial to monitor and respond to changes within your customer database. In today’s dynamic business environment, staying proactive in identifying and addressing potential risks is essential for sustaining long-term success. To understand more about how we can help you minimise risk and maximise cash flow, call in to speak with one of our experts today on 📞 01527 518800.