Written ByRobert Moore
Marketing Manager
Rob has over a decade of experience in web and general marketing. He has extensive knowledge of the Insolvency sector and has helped many worried directors with their questions.
Rob is now working with the Board at KSA Group Ltd to develop strategic marketing programmes to support the business plan and drive more company rescues.
The August monthly insolvency statistics have been released. Here we share an overview.
Statistics report that August 2024 showed a total of 1,953 registered company insolvencies in England and Wales, a 15% decrease compared to August 2023. Despite a decrease, these figures are still higher than the number of company insolvencies seen during the COVID-19 pandemic and between 2014-2019.
Administrations, Compulsory Liquidations and CVLs faced a decrease in usage in August 2024. Company Voluntary Arrangements (CVAs) were the only insolvency tool to experience an increase, that being an 82% increase compared to August 2023 levels.
Nonetheless, creditors’ voluntary liquidations (CVLs) remained the most common tool used, comprising 79% of cases.
Registered at Companies House through August 2024, there was just one restructuring plan and two moratoriums.
Scotland and Northern Ireland both saw a decrease in insolvencies in August 2024, being 9% and 8% respectively, compared to August 2023.
With CVAs on the rise is is hopeful that of the many companies which are facing financial struggles, a rescue is on the cards and trading can continue.
Find the full release here.