Credit, Collections & Insolvency News
The latest figures from the Insolvency Service have shown that personal insolvencies increased in Northern Ireland during June 2020.
The figures show that there were 272 individual insolvencies in Northern Ireland, up 42% from June 2019; this consisted of 242 IVAs, 24 DROs and six bankruptcies.
The increase in individual insolvencies was 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. Therefore, IVAs registered in June include those that would have otherwise been registered in previous months.
Meanwhile, company insolvencies decreased by over two-thirds, compared with the same month last year (June 2019).
The figures show that there were 9 company insolvencies in Northern Ireland down from 29 in June 2019, this consisted of seven CVLs, one CVA and one administration.
There were no compulsory liquidations or administrative receiverships.