Insolvency rates continue to fall as business are showing signs of growing confidence.
Company insolvencies in England and Wales have fallen to their lowest number since 2007 and the latest statistics showed that 4,052 companies entered into a formal insolvency procedure in the first quarter of 2015. This represents a reduction of 1% on the last quarter of 2014 and 11% lower than a year ago.
Creditors’ Voluntary Liquidations were at their lowest since June 2008.
In the first quarter of 2015, some 2,481 companies entered into Creditors’ Voluntary Liquidation which is a 4% drop on the previous quarter and 6% down in the same period in 2014.
Compulsory Winding Up Orders in the first quarter saw a 9% in increase on the previous period but 16% lower than a year ago.
“These figures are encouraging for SMEs as the continuing reduction in formal insolvencies is a clear barometer signalling the improving economic landscape” explained Allan Cadman, Partner.