Public Companies

House of Lords written question – answered on 11th March 2009.

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Photo of Lord Ouseley Lord Ouseley Crossbench

To ask Her Majesty's Government how many company failures were recorded in 2007 and 2008 in the United Kingdom.

Photo of Baroness Vadera Baroness Vadera Parliamentary Under-Secretary (Economic Competitiveness and Small Business), Department for Business, Enterprise & Regulatory Reform, Parliamentary Secretary (Economic Competitiveness and Small Business), Cabinet Office

The table below provides the total number of company liquidations in the United Kingdom in 2007 and 2008.

Company Liquidations
2007 2008
England and Wales 12,507 15,535
Scotland 539 524
Northern Ireland 164 209
United Kingdom 13,210 16,268

Note:

1) These figures comprise compulsory liquidations (an order obtained from the court by a creditor, shareholder or director) and creditors' voluntary liquidations (whereby a resolution is passed, subject to the approval of a creditors' meeting that the company be wound up voluntarily).

2) Other corporate insolvency procedures such as administration, receivership and company voluntary arrangements are not included in these figures. These procedures are aimed at business rescue and hence may not result in ultimate business failure.

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