Corporate insolvencies are reportedly almost 13 percent up year on year (2015 to 2016), with total numbers of 16,502.
The Insolvency Service released the official statistics on 27th January, and stated that the rise was primarily caused by 1,796 connected personal service companies entering liquidation in the final quarter of 2016, as a consequence of recent changes to claimable expenses rules.
However, all other forms of corporate insolvency decreased in 2016. Administrations fell by around 4% compared to a year earlier, company voluntary arrangements by approximately 7% and receiverships by more than 50%.
The Insolvency Service said the majority of corporate insolvencies, 11,900, were resolved using creditor voluntary liquidations.
Source: Insolvency News