There were 4,941 compulsory liquidations and creditors' voluntary liquidations in total in England and Wales in the first quarter of 2009 on a seasonally adjusted basis, data released by the Insolvency Service showed Friday. This was an increase of 7.1% on the previous quarter and an increase of 56% over the previous year.

Breakdown of the figures showed that there were 1,579 compulsory liquidations and 3,362 creditors voluntary liquidations. Compulsory liquidations rose 1.2% quarter-on-quarter and 43.6% year-on-year. Meanwhile, creditors voluntary liquidations grew 10% on the previous quarter and 62.5% on the previous year.

The Insolvency Service said approximately 1 in 130 active companies went into liquidation in the twelve months ending the first quarter.

There were 1,783 other corporate insolvencies in the first quarter of 2009 on an unadjusted basis, which comprises 316 receiverships, 1,311 administrations and 156 company voluntary arrangements. In total, these represented an increase of 54% on the same period a year ago.

For comments and feedback: contact editorial@rttnews.com