R3 in the North West responds to July 2024 insolvency statistics

By Beever and Struthers

27 Aug 2024

Fran Henshaw - People Profile.jpg.jpg
  • Corporate insolvencies decreased by 7.3 per cent in England and Wales in July 2024 to a total of 2,191 compared to June's total of 2,363 and increased by 15.9 per cent compared to July 2023's figure of 1,890.
  • Corporate insolvencies increased by 8.9 per cent from July 2022's total of 2,012 and increased by 52.2 per cent compared to pre-pandemic levels in July 2019 (1,440).
  • Personal insolvencies decreased by 0.2 per cent in England and Wales in July 2024 to a total of 10,524 compared to June's total of 10,548 and increased by 24.1 per cent compared to July 2023's figure of 8,479.
  • Personal insolvencies increased by 11.1 per cent from July 2022's total of 9,475 and decreased by 14.1 per cent compared to pre-pandemic levels in July 2019 (12,253).

Fran Henshaw, North West Chair of R3, the UK’s insolvency trade body, says: "Despite a decrease compared to last month, July's corporate insolvency figures are the highest we’ve seen for this month since 2019, as a result of increases in compulsory liquidation, administration and Creditors’ Voluntary Liquidation (CVL) numbers compared to July 2023 and 2019.

“CVLs continue to be the most common corporate insolvency process, although their numbers have fallen compared to last month and July 2022. These processes are used predominantly by smaller businesses and their increased take-up compared to July of last year and July 2019 reflects the challenging trading conditions these businesses have operated in over the past four years.

“Meanwhile, the rise in administration numbers compared to last year is potentially positive for business rescue prospects and highlights the importance of early advice for exploring rescue plans, while the increase in Compulsory Liquidation figures shows the ongoing financial pressures creditors are facing.

"Recent improvements in market and economic conditions, driven mainly by a successful summer of sport and more stability for businesses following the general election, have led to better trading conditions for retail, hospitality, and construction businesses. The construction sector is expected to receive a further boost through the government's planned housing and infrastructure initiatives, although it will take time for them to have an impact.

“The improved economic and business climate should also result in greater acceptance and success of rescue proposals, and businesses of various sizes are showing a growing interest in restructuring plans, which is positive news for the profession.”

Fran, who is head of corporate recovery and insolvency at Beever and Struthers, continues: “When it comes to personal insolvencies, the figures published today show a decrease from last month, an increase from July 2023, and a decrease from the July prior to the pandemic. The monthly fall is mainly driven by decreases in Debt Relief Orders (DRO) and bankruptcies, while the number of people entering an Individual Voluntary Arrangement (IVA) has risen this month, and changes in DRO eligibility and the removal of its administration fee have also influenced the change in take up of this process compared to a year ago.

“It’s also worth noting that Breathing Space numbers have increased compared to June 2024, which highlights the ongoing debt challenges individuals in England and Wales are facing when you consider them alongside the slight fall in personal insolvencies we’ve seen month-on- month, as the combined figures for both processes are higher than they were in June of this year.

"The cost of living remains a concern, but consumers are cautiously optimistic, and are spending more on experiences while at the same time remaining wary of making major purchases.

“Despite the economic improvements, I urge individuals and businesses in the North West facing financial issues to seek advice early, and make the most of the free consultation most North West R3 members offer to allow them to explore potential solutions to their financial issues. Early advice gives a wider range of options and more time to address your financial issues before they escalate than if you had sought it once your problems became more severe."

Latest news

1

Construction begins on new Civil Service office building in Talbot Gateway Alan McBride Muse Will Town Defence Infrastructure Organisation Jennifer Chard Defence Business Services Cllr Lynn Williams Blackpool Council Garry Bowker Vinci

Construction begins on new Civil Service office building in Talbot Gateway

20 May 2025

2

Skiddle raises over £750,000 for charities Skiddle cheque presentation to Alder Hey Hospital

Skiddle raises over £750,000 for charities

20 May 2025

3

Former Victorian Hotel approved for residential conversion The site

Former Victorian Hotel approved for residential conversion

19 May 2025

4

REVOLUTION PARK: Work starts on Darwen’s new home of advanced manufacturing Oliver Webber, Tracy Clavell-Bate and Tim Webber from Barnfield Group with Cllr Phil Riley, second from right, Leader of Blackburn with Darwen Council

REVOLUTION PARK: Work starts on Darwen’s new home of advanced manufacturing

19 May 2025

5

Two Cuckoo Gins named winners in The Gin Guide Awards 2025 Mark Long

Two Cuckoo Gins named winners in The Gin Guide Awards 2025

19 May 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200pxtrident 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

The Business Network Central & East Lancashire
LBV Hub Networking
22 May 2025 - 22 May 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Preston Freelancer Meet-Up: May
Freelancer Meet-Up May.png.png
LBV Hub Networking
22 May 2025 - 22 May 2025

Preston Freelancer Meet-Up: May

society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Amber River True Bearing quarterly investment seminar
LBV Hub Seminars
22 May 2025 - 22 May 2025

Amber River True Bearing quarterly investment seminar

Cottons Hotel & Spa , Knutsford, WA16 0SU

16:00 - 18:00

Liverpool Business Expo 2025
https---cdn.evbuc.com-images-881365363-4862066883-1-original.20241023-085714.jpeg.jpg
LBV Hub Awards
23 May 2025 - 23 May 2025

Liverpool Business Expo 2025

Aintree Racecourse , Liverpool , L9 5AS

09:00 - 15:00

Advantage: AI – A Workshop for Business Leaders – May 29
Artboard 15.png.png
LBV Hub Seminars
29 May 2025 - 29 May 2025

Advantage: AI – A Workshop for Business Leaders – May 29

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin