There were 3,974 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the third quarter of 2010, according to latest figures from the Insolvency Service. This was a fall of 2.2% on the previous quarter and a decrease of 13.9% on the same period a year ago.
This was made up of 1,126 compulsory liquidations (which are down 3.2% on the previous quarter and down 12.6% on the corresponding quarter of the previous year), and 2,847 creditors voluntary liquidations (which are down 1.8% on the previous quarter and down 14.4% on the corresponding quarter of the previous year).
Brian Johnson, an insolvency partner at HW Fisher & Company chartered accountants, said: “It would be wrong to look at the latest insolvency statistics and say they reflect an improvement in the economy. These statistics hide the real and very pressing problems the UK’s SMEs are experiencing.