The number of companies going into administration at the start of 2019 climbed to the highest level in five years, new research has found.
The latest figures from the Insolvency Service have revealed that there were 451 administrations in the first quarter of 2019.
This is the highest number of administrations since the first quarter of 2014.
It is also a 26.8% year-on-year increase compared with the same period in 2018, and 21.8% higher than in the last quarter of 2018.
Meanwhile, there were 93 company voluntary arrangements (CVAs) in the first quarter of this year, a 43.1% increase on the final quarter of 2018. In comparison with the same period in 2018, CVAs were down by 8.8%.
There were 4,187 company insolvencies in the first quarter this year: this is 6.3% higher than in the final quarter of 2018, and 5.1% higher than the the same period last year.
In the first quarter this year, 67.4% of all company insolvencies ended in creditor’s voluntary liquidations (CVLs), while compulsory liquidations accounted for 19.6% of all company insolvencies.