RTTNews - Individual insolvencies in England and Wales rose to 33,073 in the second quarter, the most since records began in 1960, the government's Insolvency Services said Friday. That represents an increase of 27.4% over the previous year. In the first quarter, there were 30,253 individual insolvencies.
Company liquidations rose 2.9% sequentially to 5,055 in the second quarter on a seasonally adjusted basis. Compared to the previous year, these were up 39.1%. In the first quarter, the number of company liquidations were 4,914.
Additionally, there were 1,529 other corporate insolvencies in the second quarter on a not seasonally adjusted basis, which comprises 345 receiverships, 1,027 administrations and 157 company voluntary arrangements. In total, these represented an increase of 22.7% on the same period a year ago.
Thursday, the Bank of England said the recession in the U.K. has been deeper than previously thought. In addition to keeping the bank rate at a record low of 0.5%, the central bank raised the size of its asset purchase programme by GBP 50 billion to GBP 175 billion.
According to the Insolvency Services, approximately 1 in 120 active companies went into liquidation in the twelve months ending the second quarter. It is up slightly on the previous quarter when the figure was approximately 1 in 130.
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