Given the state of the economy this is not surprising.
Overall liquidations are down 7% but the main driver of this fall is in compulsory liquidations that is down 23% YoY and 25% down on the last quarter. Overall there has been a fall in the number of winding up petitions being issued which now stand at the lowest levels since pre-recessionary times. Given that HMRC issue some 60% of petitioners this shows that they are continuing their soft approach. See the graph below. We do not have precise figures for the whole of each quarter but in 2012 the levels of petitions were between 1800 and 2100 per quarter. ie the months that we measured were consistently between 600-700 per month.
The level of administrations has risen 10% compared to last quarter but these still remain at low levels. CVAs are down and this may be because of the more aggressive attitude of the banks in protecting their lend now that there is a bit more of a market for business assets?
Table II. Other Corporate Insolvencies in England and Wales (not seasonally adjusted) 1<o:p></o:p> | |||||||
% change – <o:p></o:p> 2013 Q4 on<o:p></o:p> | |||||||
2012 Q4<o:p></o:p> | 2013 Q1<o:p></o:p> | 2013 Q2<o:p></o:p> | 2013 Q3<o:p></o:p> | 2013 Q4 p<o:p></o:p> | 2012 Q4<o:p></o:p> | ||
Receiverships2<o:p></o:p> | 276<o:p></o:p> | 236<o:p></o:p> | 192<o:p></o:p> | 253<o:p></o:p> | 236<o:p></o:p> | -14.5<o:p></o:p> | |
Administrations<o:p></o:p> | 580<o:p></o:p> | 557<o:p></o:p> | 622<o:p></o:p> | 544<o:p></o:p> | 642<o:p></o:p> | 10.7<o:p></o:p> | |
Company voluntary arrangements3<o:p></o:p> | 151<o:p></o:p> | 142<o:p></o:p> | 160<o:p></o:p> | 152<o:p></o:p> | 123<o:p></o:p> | -18.5<o:p></o:p> | |
Table I. Company Liquidations in England and Wales (seasonally adjusted) 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% change – 2013 Q4 on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 Q4 | 2013 Q1 r | 2013 Q2 r | 2013 Q3 r | 2013 Q4 p | 2013 Q3 | 2012 Q4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Liquidations | 3,823 | 3,606 | 3,988 | 3,836 | 3,552 | -7.4 | -7.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
of which: | Compulsory | 933 | 1,037 | 951 | 944 | 692 | -26.7 | -25.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Creditors’ Voluntary2 | 2,890 | 2,569 | 3,037 | 2,892 | 2,860 | -1.1 | -1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source: Insolvency Service and Companies House
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