Public Companies

Question

Asked by

Lord Ouseley
To ask Her Majesty's Government how many company failures were recorded in 2007 and 2008 in the United Kingdom. [HL1614]

The Parliamentary Under-Secretary of State, Department for Business, Enterprise and Regulatory Reform & Cabinet Office (Baroness Vadera)
The table below provides the total number of company liquidations in the United Kingdom in 2007 and 2008.

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