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Insolvency Update – July 2024
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Insights from the latest insolvency statistics released by The Insolvency Service for July 2024. These figures offer a valuable look at the current insolvency landscape in the UK and can help your business navigate these challenging times.
Key Highlights from July 2024:
Total Company Insolvencies: There were 2,191 company insolvencies in July 2024, reflecting a 7% decrease from June 2024, but a 16% increase from July 2023.
Types of Insolvencies:
- Creditors’ Voluntary Liquidations (CVLs): 1,691 cases, down 9% from June 2024, but still making up 77% of all insolvencies.
- Compulsory Liquidations: 320 cases, the highest monthly number since August 2018, up 5% from June 2024, and 27% higher than July 2023.
- Administrations: 155 cases, marking a 10% decrease from June 2024.
- Company Voluntary Arrangements (CVAs): 25 cases, up 9% from the previous month.
Month-on-Month Comparison:
Company insolvency numbers in July 2024 were lower than in June 2024.
📅 In July 2024, there was an 7% decrease in insolvency cases compared to June 2024, marking a decrease of 172 cases.
Month-on-Month Changes in Insolvency Types (June to July Comparison):
- 🚫 Compulsory Liquidations: Increased by 5%
- 📈 Creditors’ Voluntary Liquidations: Decreased by 9%
- 🏢 Administrations: Decreased by 10%
- 📄 Company Voluntary Arrangements: Increased by 9%
Yearly Comparison of Insolvency Types:
📈 Comparing July 2024 with the same month in the previous year reveals a notable increase. There’s been a 16% increase in insolvency cases, with July 2024 witnessing 301 more cases than July 2023.
Changes in Insolvency Types Year on Year:
- 🚫 Compulsory Liquidations: Increased by 27%
- 📈Creditors’ Voluntary Liquidations: Increased by 15%
- 🏢 Administrations: Increased by 6%
- 📄 Company Voluntary Arrangements: Increased by 32%
🔍 The decrease in overall insolvencies month-on-month may seem encouraging, but the significant increase in compulsory liquidations signals the importance of remaining vigilant. With the right tools and strategies, you can minimise risk and safeguard your business’s cash flow.
For tailored advice on how to navigate these trends and protect your business, our team of experts is ready to assist you. Contact us today at 📞 01527 518800 to learn more about how we can support your credit management efforts.
