COMPANIES AND INDIVIDUALS FACING INCREASING FINANCIAL PRESSURE
As Covid 19 restrictions have been largely lifted in England & Wales, the numbers of insolvency cases affecting companies and individuals continues to rise.
Reported company insolvencies in February 2022 were as follows:-
Type February 2022 February 2021 February 2020 Pre Lockdown February 2021 % Change
Creditors Voluntary Liquidation 1,329 590 948 225.2
Compulsory Liquidation 74 33 231 224.2
Administration 109 56 147 194.6
Company Voluntary Arrangement 3 6 19 -50.0
Reported personal insolvencies in February 2022 were also reported-
Type February 2022 February 2021 February 2020 Pre Lockdown February 2021 % Change
Individual Voluntary Arrangement 6,995 4,525 4,641 54.6
Bankruptcies 588 920 1,557 -36.1
Debt Relief Orders 2,242 1,394 2,392 60.1
Source Insolvency Service
As the number of insolvency cases rise, the effect of surging rises in the cost of fuel, raw materials and consumer products is an issue the Chancellor will seek to mitigate in tomorrow’s statement. However, the additional market volatility resulting from the war in Ukraine brings a new level of complication to the economic situation and so it remains to be seen how the Chancellor will spread the funds available to him.
If you can foresee issues for your family or your business, or if you are already worried about your financial position, the time to get advice is now. The Insolvency Practitioners and staff at TH Financial Recovery would be more than happy to discuss concerns in a free confidential, no pressure and no obligation conversation with you.
Call 01282 332222 or email info@thfr.co.uk to alleviate your stress and receive practical advice.