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Category: Insolvency ServiceSyndicate content

More than 4,700 companies in England and Wales went into liquidation in the third quarter of this year government figures showed today.

More than five thousand companies in England and Wales went into liquidation in the second quarter of this year and a record number of people succumbed to insolvency, official figures showed today.

The Insolvency Service said company liquidations rose 39.1 percent on a year ago to 5,055. Personal insolvencies rose 27.4 percent on a year ago to 33,073, the highest since records began in 1960.

More than five thousand companies in England and Wales went into liquidation in the second quarter of this year and a record number of people succumbed to insolvency, official figures showed today.

The Insolvency Service said company liquidations rose 39.1 percent on a year ago to 5,055. Personal insolvencies rose 27.4 percent on a year ago to 33,073, the highest since records began in 1960.

The Insolvency Service has published its report into so-called prepack administrations.

The report looks at insolvency practitioners’ compliance with the SIP and whether the increased use of pre-packs has resulted in an increased incidence of directors’ misconduct, particularly in relation to the insolvent company’s debts being left unpaid whilst assets are sold on to a new company.

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