Statistics released by the Insolvency Service have shown that the total number of corporate insolvencies had increased by nearly 13 per cent from 2015 to 2016. A total of 16,502 corporate businesses went into insolvency during this period.
The Insolvency Service also revealed that the increase was primarily caused by 1,796 personal service companies entering liquidation in the final quarter of 2016.
Other types of corporate insolvency fell during 2016 and administrations fell by four per cent compared to 2015.The Insolvency Service said that the 11,900 of the corporate insolvencies were resolved using creditor voluntary liquidations.
If you are looking to protect your business against insolvency, take a look at our types of credit insurance or contact our team of specialist advisors on 01275 817320.