Latest figures from the Insolvency Service have shown that there were 2,191 business insolvencies in England & Wales in July 2024, 7.3% lower than in June 2024 (2,363) but 15.9% higher than the same month in the previous year (1,890 in July 2023).
The insolvencies consisted of 320 compulsory liquidations, the highest monthly number since before the Covid-19 pandemic, 1,691 creditors’ voluntary liquidations (CVLs), 155 administrations and 25 company voluntary arrangements (CVAs). All types of company insolvency were higher than in July 2023.
CVLs accounted for 77% of all company insolvencies. The number of CVLs decreased by 9% from June 2024 but was 15% higher than during the same month last year (July 2023), after…
