North West sees second highest insolvency-related rates in UK during Q1

Fran Henshaw

More than 1,100 insolvency-related activities were recorded in the North West region in the first quarter of 2024, according to new research from R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe shows there were 1,123 cases of insolvency-related activity in the region.

There were 303 cases in January, 422 in February and 398 in March.

Insolvency-related activity in the region rose 4.7% when compared with the same period in 2023, when 1,073 insolvency-related activities were recorded.

Fran Henshaw, chair of R3 in the North West, said: “What we are seeing in the North West mirrors the rise in insolvencies we’ve seen across England and Wales, and highlights the effect that continued economic turbulence is having on businesses.

“More and more directors are now turning to insolvency processes to resolve their financial issues in the face of high costs, persistently high interest rates, and low consumer confidence.”

The North West figure for insolvency-related activity, which includes liquidator appointments, administrator appointments and creditors’ meetings, was the highest total in Q1 outside Greater London (1,577), followed by East Anglia (921), Yorkshire and the Humberside (741) and the West Midlands (664).