Latest figures from the Insolvency Service have shown that there were 2,006 business insolvencies in England & Wales in May 2024, a decrease of 6% when compared to April 2024 figures (2,144) and 21% lower than the same month in the previous year.
The business consisted of 271 compulsory liquidations, 1,590 creditors voluntary liquidations (CVLs), 126 administrations and 19 company voluntary arrangements (CVAs).
CVLs accounted for 79% of all company insolvencies. The number of CVLs decreased by 5% from April 2024 and was 26% lower than during the same month last year (May 2023, which saw a record high monthly number of CVLs in the time series going back to 2000), after seasonal adjustment. Numbers of CVLs and administrations were lower …
Read the full article at: https://www.credit-connect.co.uk/news/business-insolvencies-fall-by-6/