Written ByRobert Moore
Marketing Manager
Rob has over a decade of experience in web and general marketing. He has extensive knowledge of the Insolvency sector and has helped many worried directors with their questions.
Rob is now working with the Board at KSA Group Ltd to develop strategic marketing programmes to support the business plan and drive more company rescues.
There are many reasons why directors don’t act when they are worried about something. Here are a few possibilities:
Overall, delaying action or not taking advice is a common coping mechanism for dealing with worry and stress. However, it often makes the problem worse in the long run, as the task or issue continues to loom and causes more stress and anxiety. It’s important to recognize the reasons behind the business problems and work to address them in order to move forward and tackle the issue at hand.
This is something we can help you do! Call us on 0800 9700539 what have you got to lose!
Monthly Insolvency Statistics: October 2024
The October monthly insolvency statistics have been released. Company Insolvencies After seasonal adjustment, there were 1,747 company insolvencies in October 2024, 10% lower than in September 2024 and 24% lower than in October 2023. The decrease of 10% compared to September 2024 is less than the average absolute change of 12% between consecutive months over the past three years. Average monthly numbers so far in 2024 have been similar to 2023, which saw the highest annual number since 1993.Company insolvencies peaked during the 2008-09 recession, following the gradual decline seen over the early 2000s. Volumes rose during 2018 and 2019, before falling to the lowest monthly volumes on record during the COVID-19 pandemic. Company insolvencies then increased during 2021 and 2022, with 2023 seeing the highest annual number of company insolvencies since 1993. CVLs In October 2024, CVLs accounted for 83% of all company insolvencies. The number of CVLs decreased by 7% from September 2024 and was 24% lower compared to the same month last year (October 2023) after seasonal adjustment.In 2023, the annual number of CVLs reached its highest level since the start of the time series in 1960, continuing the year-on-year increases seen since 2021. Between 2017 and 2019, CVLs had been rising at approximately 10% per year, but during the COVID-19 pandemic, they fell to their lowest levels since 2007. Compulsory liquidations The seasonally adjusted number of compulsory liquidations in October 2024 was 14% lower than in September 2024 and 20% lower than in October 2023.The number of compulsory liquidations has increased from record low levels seen in 2020 and 2021, while restrictions applied to the use of statutory demands and certain winding-up petitions (leading to compulsory liquidations). In 2023, compulsory liquidations increased by 44% from 2022 but remained 4% lower than 2019 (pre-pandemic levels). Administrations The number of administrations in October 2024 was 35% lower than in September 2024 and 28% lower than in October 2023 after seasonal adjustment.Numbers of administrations increased during 2022 and 2023 from an 18-year annual low seen during the COVID-19 pandemic in 2021. Current levels are similar to those seen between 2015 and 2019. Find the full release here.
Read