Insolvency Figures - Q1 2014 VS Q1 2013
Here are some quick facts regarding insolvencies across the UK, Ireland and Europe
Did you know that in the first three months of 2014 9,216 UK and Irish companies entered insolvency? During the same period in 2013 only 7,899 companies entered insolvency and this represents an increase of 17%.
The Construction industry was the worst hit through January and February, and this is reflected by the fact that construction companies were the most searched for companies in the first 6 months of 2013.
- 9,216 UK and Irish companies have entered insolvency in the first three months of 2014 3,097 insolvencies were recorded in January
- 3,019 insolvencies were recorded in February
- 3,100 insolvencies were recorded in March
- There was a 17% increase in insolvencies when compared to the same time period in 2013
- Construction was the worst affected industry
“Almost 600 companies in Europe go bust every day”
Insolvencies across Europe
On average approximately 200,000 companies across Europe enter insolvency every year meaning that nearly 600 businesses go bust every day!
These worrying statistics coincide with the European Commission’s plans to introduce national procedures to encourage companies to restructure instead of concentrating on liquidation to avoid insolvency.
Some European countries such as Germany are experiencing some better fortunes in terms of insolvency statistics. Germany’s 2013 insolvency figures were recorded at a 16 year low, however predictions are not looking good for 2014 as insolvencies are set to rise.