Insolvency statistics for 2024 revealed a 1% rise in company insolvencies in July. Key industries contributing to this include construction, wholesale, retail, and accommodation, accounting for 47% of all insolvencies. A total of 23,872 insolvencies were recorded in 2024, a 5% decline from 2023, marked by an 8% decrease in creditors' voluntary liquidations. Despite a rise in compulsory liquidations, the overall insolvency rate remains lower than during the 2008-09 recession due to a substantial increase in registered companies. Companies are under pressure, prompting calls for government action.
"The summer heat is bearing down on British businesses. Thames Water's reserves are drying up, Claire's has fallen into administration, and more than 1,000 pubs and restaurants have gone under since the last Budget."
"In 2024, there were 23,872 registered company insolvencies comprising 18,840 creditors' voluntary liquidations, 3,230 compulsory liquidations, 1,597 administrations, 202 company voluntary arrangements, and three receivership appointments."
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