The UK saw a modest decline in corporate insolvencies in 2024, offering a glimmer of hope for businesses grappling with ongoing economic pressures. Official figures from the Insolvency Service revealed 23,872 registered company insolvencies during the year—a 5% drop from the 25,163 cases recorded in 2023, which marked the highest annual total since 1993.
Key corporate insolvency figures are:
- Total Insolvencies: 23,872 (down 5.1% from 2023)
- Creditors’ voluntary liquidations (CVLs): 18,840 (down 8% from 2023)
- Compulsory liquidations: 3,230 (up 14%, highest since 2014)
- Administrations: 1,597 (up 2%)
- Company voluntary arrangements (CVAs): 202 (up 9%)
- Receivership appointments: 3
Despite the decline,…
