The Insolvency Service has today released updated insolvency statistics for Quarter 3 – July to September 2016.
Statistics from this quarter are the first to be released since the Brexit vote in June, and show that 3,633 companies entered insolvency. This figure was 2.2% higher than Q2 2016 and is 1.1% higher than Q3 2015. Just like in Q2, the insolvency figures for Q3 have been driven by voluntary liquidations, an estimated 2,569 companies. A further 632 companies were put into compulsory liquidation, a decrease of 4.5% when compared to Q2.
Looking at long-term trends, in the twelve months ending Q3 2016, an estimated 1 out of every 244 active companies went into liquidation, a slight improvement on the twelve months to Q2 2016, which was 1 in 241 businesses. This continues the downward trend in liquidations which have been seen since 2011.
More statistics and the full report can be found on the Insolvency Service website.