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Company Insolvency numbers in June 2024 were higher than in May 2024.
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The Insolvency Service has published the latest figures for June 2024, offering a detailed overview of the insolvency landscape in the UK.
Here’s a breakdown of the numbers:
Registered Company Insolvencies Breakdown:
- In June 2024, a total of 2361 company insolvencies were recorded, with the following distribution:
- 📈 1866 Creditors’ Voluntary Liquidations
- 🚫 302 Compulsory Liquidations
- 🏢 170 Administrations
- 📄 23 Company Voluntary Arrangements
📊 Creditors’ Voluntary Liquidations comprised 79% of the total company insolvencies, continuing their significant yearly increase since 2021.
Yearly Comparison of Insolvency Types:
📈 Comparing June 2024 with the same month in the previous year reveals a notable increase. There’s been a 17% increase in insolvency cases, with June 2024 witnessing 345 more cases than June 2023.
Changes in Insolvency Types Year on Year:
- 🚫 Compulsory Liquidations: Increased by 19%
- 📈Creditors’ Voluntary Liquidations: Increased by 16%
- 🏢 Administrations: Increased by 22%
- 📄 Company Voluntary Arrangements: Increased by 64%
Month-on-Month Comparison:
Company insolvency numbers in June 2024 were higher than in May 2024.
📅 In June 2024, there was an 16% increase in insolvency cases compared to May 2024, marking a significant increase of 321 cases.
Month-on-Month Changes in Insolvency Types (May to June Comparison):
- 🚫 Compulsory Liquidations: Increased by 10%
- 📈 Creditors’ Voluntary Liquidations: Increased by 16%
- 🏢 Administrations: Increased by 30%
- 📄 Company Voluntary Arrangements: Increased by 21%
🔍 We encourage all credit management teams across the industry to stay vigilant and seek out the most valuable tools and information available. To learn 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.
