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2020 sees insolvencies drop

2020 sees insolvencies drop

Figures from the Insolvency Service show that the number of personal insolvencies recorded in England and Wales fell to a three-year low in 2020. There were 111,424 individual insolvencies in 2020, with this down 9% on 2019 and the lowest annual figure since 98,897 were recorded in 2017. The Insolvency Service said corporate insolvencies fell by 27.1% in 2020 but rose by 16.9% between the third and fourth quarters. While Government support measures have helped keep firms afloat amid the coronavirus crisis, Colin Haig, president of insolvency trade body R3, said they had "deferred rather than deterred" the pandemic's impact.

Read more: The Times


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