“Signs of distress are increasing with the latest Insolvency Service statistics released on 2 August for the Q2 to June 22.
If not a “tsunami” as was predicted at the start of the pandemic, largely staved off by government support schemes and the work of the Insolvency Service itself, then there are signs of high waters in sight, with the Service reporting that after seasonal adjustment, the number of company insolvencies was 13% higher than in Q1 2022 and 81% higher than in Q2 2021.
Even more startling is the fact that creditors’ voluntary liquidations increased to the highest quarterly level since the start of the series in 1960.”
Partner Frances Coulson shares her thoughts on the Insolvency Service Statistics for April-June 2022, published in Edward Fennell’s Legal Diary.