INDIVIDUAL INSOLVENCIES
There were 34,743 individual insolvencies in England and Wales in the second quarter of 2010. This was an increase of 5.0% on the same period a year ago. This was made up of 14,982 bankruptcies (which were down 20.6% on the corresponding quarter of the previous year), 13,466 Individual Voluntary Arrangements (IVAs), (which were up 10.2% on the corresponding quarter of the previous year) and 6,295 Debt Relief Orders (DROs)
In the second quarter of 2010, 85.7% of bankruptcies were made on the petition of the debtor, comparable to the levels for recent quarters. The percentage of bankruptcy orders involving trading debts (self-employed bankruptcies) was 12.7% in the first quarter of 2010 (second quarter 2010 figures for trading-related bankruptcies are not yet available), similar to the level for 2009 as a whole.
COMPANY INSOLVENCIES
There were 4,080 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the second quarter of 2010 (on a seasonally adjusted basis). This was an increase of 0.5% on the previous quarter and a decrease of 19.1% on the same period a year ago.
This was made up of 1,169 compulsory liquidations (which are down 9.9% on the previous quarter and down 21.0% on the corresponding quarter of the previous year), and 2,911 creditors voluntary liquidations (which are up 5.4% on the previous quarter and down 18.3% on the corresponding quarter of the previous year).
In the twelve months ending Q2 2010, approximately 1 in 127 active companies (or 0.8%) went into liquidation, which is a slight decrease from the previous quarter, when this figure stood at 1 in 120.
Additionally, there were 1,311 other corporate insolvencies in the second quarter of 2010 (not seasonally adjusted) comprising 302 receiverships, 777 administrations and 232 company voluntary arrangements. In total these represented a decrease of 14.3% on the same period a year ago.
