Firstly, it is essential to note that the Office for National Statistics has recently revised their numbers due to a human error that caused them to be incorrectly tabulated. For this analysis, we will use their (seasonally adjusted) most recent (Insolvency Service and Companies House) data.
Looking back to 2007 (the first complete year for which the government provides data), we can see that there were 15,866 company insolvencies in England and Wales throughout the year. That is 92 more than they had previously reported, but it represents a significant low for company insolvencies in the subsequent nearly decade. 2007 was the final year preceding the 2008 global financial crisis, and the numbers reflect this.
As a result of the global economic downturn, 21,072 businesses were forced into insolvency, a startling increase from the previous year. In 2009, the unemployment rate increased again to 24,010, as businesses that had survived the first year of the recession eventually succumbed to its weight. Thereafter, however, there is a period of relative improvement in the number of bankruptcies. 2011 saw a decline to 19,796, followed by a small increase to 20,285, before a decline to 19,350 in 2012, 17,681 in 2013, and 16,314 in 2014.
Despite the fact that only the first two quarters of 2015 are provided by the government, the numbers appear extremely promising, surpassing even pre-recession numbers. In the first quarter of 2008, the United Kingdom recorded 3,837 company insolvencies, compared to 3,933 in the first quarter of 2007. In the second quarter of 2008, 3,701 businesses filed for bankruptcy, compared to 3,987 in the second quarter of 2007.
Following the global recession, the available data indicate a consistent decline in the number of insolvencies in England and Wales. Consequently, it is evident that company insolvencies are not increasing. However, they are susceptible to the whims of the economy and are likely to rise in the event of a sudden economic downturn.""
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