Credit, Collections & Insolvency News
The Insolvency Service has published its latest figures which indicate that in July 2020 that there were ten company insolvencies in Northern Ireland down from 21 in July 2019, this consisted of seven CVLs, one CVA, one administration and one compulsory liquidation, the first compulsory liquidation in Northern Ireland since the implementation lockdown on the 23rd of March.
There were no administrative receiverships.
There were no new compulsory liquidations in Northern Ireland in April and May 2020 as a result of the Lockdown measures being implemented by the Northern Ireland Executive which resulted in the Closure of the Courts and Insolvency Service offices
Separately there were 160 individual insolvencies in Northern Ireland, down 19% from July 2019; this consisted of 134 IVAs, 25 DROs and one bankruptcy.
Total individual insolvencies increased in June 2020, driven by delayed registration of IVAs, as a result of issues with remote access to the administration systems immediately after the UK lockdown on 23rd March. In July.
IVAs returned to a level more typically seen in the months preceding UK lockdown.