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The number of people going financially insolvent in England and Wales last year was 14% higher than in 2023, driven by debt relief orders (DROs) jumping to a record high, according to the Insolvency Service.

Some 117,947 personal insolvencies were registered in 2024, 14% higher than the 103,434 recorded in 2023.

Within the total, there were 43,249 DROs – the highest annual number on record and 36% higher than in 2023.

This followed the removal of a £90 administration fee to obtain a DRO from April 2024 and the…

Company collapses in England and Wales fell last year, according to new official figures, but experts warned of more uncertainty for firms in the coming months.

Some 23,872 companies went out of business in 2024, the Insolvency Service said, down 5% on the previous year.

Despite the drop year-on-year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis.

While the December statistics paint a picture of economic stability, they will likely buck the trend

Administrations, an accounting process used when especially large companies…

The campaigning human rights lawyer Phil Shiner, who was struck off as a solicitor for pursuing fictitious Iraqi compensation claims against the Ministry of Defence, has been declared bankrupt.

The Insolvency Service website states the 60-year-old, who ran the firm Public Interest Lawyers (PIL) in Birmingham, was made bankrupt on Tuesday.

The declaration of insolvency will deprive the MoD of an opportunity to recover any of the millions of pounds it maintains it is entitled to claim from Shiner.

The former solicitor could not afford to retain lawyers to represent him at the Solicitors Disciplinary Tribunal in London last month. He did not attend and was not represented at the hearing. He also told the tribunal that he was unwell.

Shiner…

The latest government statistics reveal a 5% reduction in registered company insolvencies across the UK, with a total of 23,872 cases in 2024 compared to the previous year.

Data from The Insolvency Service also highlights a 6% month-on-month decline in company insolvencies for December and a 14% decrease compared to December 2023. However, experts caution that this apparent improvement may not signal long-term stability.

Stephen Goderski, Partner at PKF Littlejohn Advisory, described the decline in insolvencies as a positive development but warned of impending business pressures. “A reduction in insolvencies is encouraging, but the real challenge is what lies ahead. With national insurance contributions set to rise in April,…

In 2024, there were 23,872 registered company insolvencies, which included 18,840 creditors’ voluntary liquidations (CVLs), 3,230 compulsory liquidations, 1,597 administrations, 202 company voluntary arrangements (CVAs), and three receivership appointments. The overall number of corporate insolvencies in 2024 was 5% lower than in 2023, the greatest yearly figure since 1993.

The reduction in overall firm insolvency numbers in 2024 was mostly driven by CVLs, which were 8% lower than the record high levels recorded in 2023. The number of obligatory liquidations grew by 14% from 2023, reaching its highest level since 2014. Administrations (increased 2%) and CVAs (up 9%) both exceeded 2023 levels.

In 2024, one in every 191 firms on the firms…

This year was brutal for a number of well-known companies and their bottom lines.

As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks.

At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm.

Notably, retail closures have picked up this year because the sector’s sugar high of 2021 and 2022 — when consumers were buying new furniture, televisions and clothing — has ended. There have been more than 7,100 store closures through the end of November,…

In 2024, there were 23,872 company insolvencies, with a rise in company voluntary arrangements (CVAs) to 202, the highest figure since the first year of covid, as businesses looked for rescue options. The majority of collapses were down to compulsory liquidations at 18,840, although this figure was 8% down year on year.

Company insolvencies might have been down slightly from 2023’s 20-year high of 25,163, but the 2024 figure was still ‘high relative to historical levels’, the Insolvency Service said, with ‘the worst hit sectors accounting for almost 80% of company insolvency numbers’.

Construction was once again in the doldrums with December 2024 figures showing that 17% of collapses affected building companies and related…