Financial Pressure
Summit Law LLP
Employment law, insolvency and commercial legal advice and litigation, London Based.
At Summit Law we are seeing increased enquiries coming through from businesses struggling to stay afloat. That perhaps comes as no surprise as the Insolvency Service publishes its monthly insolvency statistics for October 2023 on company and individual insolvencies. The data shows that there were 2,315 company insolvencies registered which was 18% higher than October 2022 and also higher than pre-pandemic numbers. For individuals, 703 bankruptcies were registered, 28% higher than in October 2022 but remained below pre-2020 levels.
Other key October 2023 statistics include:
• 256 compulsory liquidations, 2% higher than October 2022
• 1,889 creditors’ voluntary liquidations, 19% higher than in October 2022
• 3,245 debt relief orders, 71% higher than October 2022
• 5,933 individual voluntary arrangements, 27% lower than October 2022
Facing financial pressure? Contact us today!