The number of winding up petitions that have been advertised in October and November has fallen in 2011 compared to the same period in 2010 by 18%
2010 Petitions advertised by month
October - 717
November - 1117
2011 Petitions advertised by month
October - 640
November - 859
September and August of 2011 saw a slight rise on the same period last year of some 8%. This rise is fed through to the statistics published today by Experian that showed an increase in insolvencies in October by guess what....? 10%. The hearing to wind the company up would have most likely been in October following advertisments of petitions in September.
As HMRC accounts for over 60% of all winding up petitions this is a good indication of their activity. However, it is quite clear from talking to businesses that other forms of debt recovery by HMRC are being used, most particularly distraint.
It will be interesting to see what the statistics will be in the next few months. Despite all the bad news we may well be seeing a fall in the number of business failures. However, a break up of the Euro would change all that and many businesses are hanging on until after Christmas.
Blogged by Robert Moore