Figures released by the Insolvency Service today show a 4.2 per cent decrease in the number of liquidations in England and Wales in the second quarter of 2007 compared to the same period last year. There were 3,032 insolvencies, a decrease of 2.1 per cent on the previous quarter.

This was made up of 1,349 compulsory liquidations, a decrease of 2.4% on the previous quarter and an increase of 12.4% on the corresponding quarter of the previous year, and 1,682 creditors voluntary liquidations, a decrease of 1.9% on the previous quarter and a decrease of 14.4% on the corresponding quarter of the previous year.

0.6% of active companies went into liquidation in the twelve months ended Q2 2007, the same as the previous quarter and down from 0.7% in the corresponding quarter of 2006.

There were 26,956 individual insolvencies in England and Wales in the second quarter of 2007 on a seasonally adjusted basis. This was a decrease of 8.1% on the previous quarter and an increase of 4.2% on the same period a year ago.

This was made up of 16,258 bankruptcies, a decrease of 2.9% on the previous quarter and an increase of 7.7% on the corresponding quarter of the previous year, and 10,698 Individual Voluntary Arrangements (IVAs), a decrease of 15.1% on the previous quarter and a decrease of 0.7% on the corresponding quarter of the previous year.

The Insolvency Service's new chief executive is to be Stephen Speed, Secretary of State for Business, Enterprise & Regulatory Reform John Hutton announced on Thursday. The appointment follows a cross-Whitehall trawl of Civil Service senior management.

Outgoing chief executive Desmond Flynn is to retire at the end of September, after more than thirty years with the Service.

John Hutton said: "I congratulate Stephen Speed on his appointment. He will lead the Insolvency Service as it continues its important work helping promote trust and confidence in the market place."

Stephen Speed said: "The Insolvency Service is a key part of the country's financial and economic infrastructure and I am delighted to be taking up this exciting appointment in the autumn. The Service's excellent reputation is built on the high calibre of its staff, based in all parts of the country and providing a wide range of services to individuals and businesses. I am looking forward to building on that excellent base."

Stephen Speed, who is currently the Head of Regions at the Department for Business, Enterprise and Regulatory Reform (BERR, formerly DTI) is expected to take up his new appointment in October.


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