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Workload rises at the Insolvency Service's HQ

Business failures rise sharply

Business liquidations and CVLs up 15 per cent in Q2, according to the Insolvency Service

Written by Doug Woodburn

CRN, 04 Aug 2008

The number of business failures in England and Wales rose sharply in the second quarter of 2008, figures from the Insolvency Service reveal.

The three months to June saw 3,560 compulsory liquidations and creditor’s voluntary liquidations (CVLs) - 15 per cent up on Q2 2007 and an 11 per cent up on Q1.

There were 246 other corporate insolvencies, comprising 177 receiverships, 938 administrations and 131 company voluntary arrangements. That’s up a whopping 63 per cent on an annual comparison and 7.6 per cent sequentially.

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