For individual insolvencies, the number of bankruptcies in January 2021 was 818, while the number of Debt Relief Orders was 1,167. Both were 47% lower than in January 2020.
Overall numbers of company and individual insolvencies have remained low since the start of the first UK lockdown in March 2020, when compared with the same time period last year.
The Insolvency Service said this is likely to be partly driven by government measures put in place in response to the coronavirus (COVID 19) pandemic. Key measures include temporary restrictions on the use of statutory demands and certain winding-up petitions (leading to company compulsory liquidations), and enhanced government financial support for companies and individuals.
The overall nu…
Read the full article at: https://www.accountancydaily.co/insolvency-figures-drop-half-despite-pandemic
