Friday, UK's Insolvency Service said there were 4,001 compulsory liquidations and creditors' voluntary liquidations in total in England and Wales in the third quarter of 2008 on a seasonally adjusted basis. That was an increase of 10.5% on the previous quarter and an increase of 26.3% on the same period a year ago.
Among the total company liquidations, 1,483 were compulsory liquidations and 2,518 creditors voluntary liquidations. Compulsory liquidations recorded an increase of 10.9% on the previous quarter and 16.1% on the corresponding quarter of the previous year. Meanwhile, creditors voluntary liquidations were up 10.2% quarter-on-quarter and 33.2% year-on-year.
In the twelve months ending the third quarter, the Insolvency Services said 0.6% of active companies went into liquidation, the same as the previous quarter and the corresponding quarter of 2007.
Further, 27,087 individual insolvencies were recorded in England and Wales in the third quarter after adjusting for seasonal variations. That was an increase of 8.8% on the previous quarter and an increase of 4.6% on the same period a year ago. There were 17,341 bankruptcies and 9,746 Individual Voluntary Arrangements.
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