High rates of insolvencies look set to continue as the latest quarterly insolvency statistics have been published for England and Wales. Whilst the statistics show a 2% dip from the second quarter of 2023, the number of insolvencies remains 10% higher than in 2022 and shows a return to pre-pandemic levels for compulsory liquidations and administrations. It is particularly striking that the first two quarters of 2023 represent the highest quarterly insolvencies since Q2 2009.
The statistics show that, as is to be expected, the vast majority of company insolvencies are either creditors voluntary liquidations (CVLs) or compulsory liquidations. These are both terminal insolvency procedures. The number of CVLs in the second and third quarter …
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