Restructuring body reacts to September 2021 insolvency figures


The insolvency and restructuring professional body R3 responded to national insolvency figures for September.

Business bankruptcies increased 7.2% in September 2021 to a total of 1,446 from August’s figure of 1,349, and increased 55.8% from September 2020’s 928 figure .

Personal insolvencies increased 9.2% to 9,954 in September 2021 from 9,118 in August, and were 33.2% higher than the 7,471 figure in September 2020.

Eleanor Temple, President of R3, said: “The monthly increase in corporate bankruptcies is due to an increase in voluntary liquidations of creditors, which increased for the third consecutive month.

“This suggests that directors are choosing to shut down their businesses after judging their financial survival unlikely after 18 months of trading during a pandemic.

Eleanor continued, “Despite the fact that businesses have benefited from two months of unrestricted trading and the summer’s economic upturn, conditions have still not returned to what they were before the pandemic.

“With regard to personal insolvencies, the increase between August and September is due to an increase in individual voluntary agreements and scrutineers.

“This suggests that more people are in debt and are taking action to address the issues they face with their finances, but also that the situation is still difficult for people in England and Wales.

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