Statistics showing insolvencies rising sharply in the second quarter were published today by the Insolvency Service.

There were 3,560 compulsory liquidations and creditor's voluntary liquidations (CVLs) in total in England and Wales in the second quarter of 2008 on a seasonally adjusted basis. This was an increase of 11.6 per cent on the previous quarter and an increase of 15.0 per cent on the same period a year ago.

This was made up of 1,324 compulsory liquidations, an increase of 19.8 per cent on the previous quarter but a decrease of 0.7 per cent on the corresponding quarter of the previous year, and 2,236 CVLs, an increase of 7.3 per cent on the previous quarter and an increase of 27.0 per cent on the corresponding quarter of the previous year.

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