INDIVIDUAL INSOLVENCIES
There were 29,774 individual insolvencies in England and Wales in the first quarter of 2009 on a seasonally adjusted basis. This was an increase of 1.6% on the previous quarter and an increase of 19.0% on the same period a year ago.
This was made up of 19,062 bankruptcies (which were up 0.5% on the previous quarter and 23.4% on the corresponding quarter of the previous year), and 10,713 Individual Voluntary Arrangements (IVAs), (which were up 3.6% on the previous quarter and 11.8% on the corresponding quarter of the previous year).
In the first quarter of 2009, 86% of bankruptcies were made on the petition of the debtor, slightly higher than the level seen for earlier quarters and for 2007 and 2008 as a whole. The percentage of bankruptcy orders involving trading debts (self-employed bankruptcies) was 12.9% in the fourth quarter of 2008 (first quarter 2009 figures for trading-related bankruptcies are not yet available), taking the figure for 2008 as a whole to 12.1%, up from 10.9% in 2007.
Table III. Individual Insolvencies in England and Wales (seasonally adjusted) 1 |
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% change – Q1 2009 on |
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|
08Q1 r |
08Q2 r |
08Q3 r |
08Q4 r |
09Q1p |
Q1 2008 |
Q4 2008 |
Individuals |
25,031 |
24,998 |
27,214 |
29,301 |
29,774 |
19.0 |
1.6 |
of which: |
Bankruptcies |
15,452 |
15,568 |
17,447 |
18,961 |
19,062 |
23.4 |
0.5 |
|
IVAs |
9,579 |
9,430 |
9,767 |
10,341 |
10,713 |
11.8 |
3.6 |
Source: Insolvency Service
p = provisional, r = revised
1 Longer series back to 1999 are presented in the accompanying detailed tables |
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INSOLVENCIES IN SCOTLAND AND NORTHERN IRELAND
The following tables present recent trends in insolvencies in Scotland and Northern Ireland, complementing those for England and Wales above (longer series back to 1999 are presented in the accompanying detailed tables).
Table IV. Insolvencies in Scotland (not seasonally adjusted) |
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% change – Q1 2009 on |
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08Q1 |
08Q2 |
08Q3 |
08Q4 |
09Q1p |
Q1 2008 |
Company Liquidations 1 |
102 |
132 |
127 |
163 |
161 |
57.8 |
of which: |
Compulsory |
95 |
111 |
111 |
120 |
124 |
30.5 |
|
Creditors Voluntary |
7 |
21 |
16 |
43 |
37 |
428.6 |
Individuals 2, 3 |
3,324 |
4,735 |
5,998 |
5,807 |
5,693 |
71.3 |
of which: |
Sequestrations3 |
1,444 |
2,853 |
4,055 |
3,970 |
3,722 |
157.8 |
|
Protected Trust Deeds |
1,880 |
1,882 |
1,943 |
1,837 |
1,971 |
4.8 |
p = provisional
1 Source: Companies House (Scotland)
2 Source: Accountant in Bankruptcy (AIB)
3 The sequestration figures for 2008 Q2 onwards include LILAs (Low Income, Low Assets) cases. These were introduced as a new route into bankruptcy under the Bankruptcy and Diligence etc (Scotland) Act 2007, wef 1 April 2008. |
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Table V. Insolvencies in Northern Ireland (not seasonally adjusted) |
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% change – Q1 2009 on |
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08Q1 |
08Q2 |
08Q3 |
08Q4 |
09Q1p |
Q1 2008 |
Company Liquidations |
42 |
57 |
44 |
66 |
57 |
35.7 |
of which |
Compulsory |
37 |
42 |
27 |
52 |
34 |
-8.1 |
|
Creditors Voluntary |
5 |
15 |
17 |
14 |
23 |
360.0 |
Individuals |
330 |
479 |
386 |
443 |
458 |
38.8 |
of which: |
Bankruptcies |
226 |
331 |
229 |
293 |
314 |
38.9 |
|
IVAs |
104 |
148 |
157 |
150 |
144 |
38.5 |
Source: Department for Enterprise, Trade and Investment, Northern Ireland (DETINI)
p = provisional |
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