(RTTNews) - Friday, UK’s Insolvency Service said there were 4,716 company insolvencies in England and Wales in the third quarter, down 4.7% on quarter, but an increase of 14.6% over the previous year.

There were 1,301 compulsory liquidations, down 9.8% on the previous quarter and a fall of 12.9% on the corresponding quarter of the previous year. Creditors voluntary liquidations totaled 3,415, a quarterly fall of 2.6%, but an increase of 30.2% on previous year.

The Insolvency Service said approximately 1 in 114 active companies went into liquidation in the twelve months ending the third quarter of 2009, up slightly on the previous quarter when the figure was approximately 1 in 120.

Additionally, there were 1,578 other corporate insolvencies in the third quarter of 2009 on a not seasonally adjusted basis, which comprise 410 receiverships, 974 administrations and 194 company voluntary arrangements. In total, these represented an increase of 9.3% on the same period a year ago.

Moreover, there were 35,242 individual insolvencies in England and Wales in the third quarter of 2009. This was an increase of 28.2% on the same period a year ago and was made up of 18,347 bankruptcies, 12,390 individual voluntary arrangements and 4,505 debt relief orders.

The debt relief order is a new individual insolvency procedure which came into force on 6 April 2009 and which provides an alternative route into personal insolvency for certain categories of over-indebted individuals, subject to some restrictions.

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Posted in Categories: Economy, Releases, Stocks, UK.

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