The number of companies filing for insolvency in England and Wales in the second quarter increased by 81 percent compared to the year before amid soaring inflation, new figures show.
In the three months to 30 June, there were 5,629 registered company insolvencies after seasonal adjustment, according to the latest data from The Insolvency Service.
That number comprised 4,908 creditors’ voluntary liquidations (CVL), 368 compulsory liquidations, 320 administrations, 32 company voluntary arrangements (CVA), and one receivership appointment.
The figure was 81 percent higher than in last year’s Q2, and 13 percent higher than the first quarter of this year.
The number of CVLs increased to the highest quarterly level since records began in 1960.
Meanwhile, the number of compulsory liquidations also increased, but were still below pre-pandemic levels.
In the year from July 1 2021 to June 30 2022, one in 228 active companies entered liquidation.