Credit, collections & insolvency news
Company insolvencies in Northern Ireland stood increased to 65 in the last quarter – up 14 percent on the same period in 2017 but almost half that of the last quarter (125).
Of these, 30 were compulsory liquidations (down from 35 on the same period a year ago), and 24 were creditors’ voluntary liquidations (up from 14)
There were also six administrations, four company voluntary arrangements and one administrative receivership in the quarter.
Ian Davison, Manager of Recovery at Grant Thornton in Belfast, said “Although there has been an increase to 65, this is from a low base, and given the size of the Northern Ireland economy, this level does not raise undue concern. That said, some sectors are facing challenges and we are seeing these particularly in the construction, retail and food services industries.”
“This is highlighted by recent research which indicated that one in four UK businesses have suffered as a result of the insolvency of a customer or supplier within the last six months.”
“The fact that there are limited corporate insolvencies is a positive sign for the resilience of our local economy, despite continued sluggish growth.”
Separately, there were 536 personal insolvencies were recorded in Northern Ireland between July and September – a 21.6 percent fall compared with the same quarter in 2017. These figures are made up of bankruptcies (112), debt relief orders (111), which are aimed at people with smaller debts which they have no realistic prospect of paying off; and individual voluntary arrangements or IVAs (313), whereby money is shared out between creditors.