Voluntary insolvencies jump 20%

Insolvency figures released today point to a difficult 2011, after voluntary insolvencies in the construction sector leapt 20% in the first quarter.

In the first three months of this year 586 construction firms were voluntarily liquidated, up from 468 the previous quarter.

Figures for compulsory insolvencies were not available for the first quarter of 2011.

The Insolvency Service figures suggest insolvencies could be set to rise sharply, after insolvencies fell 20% last year from their peak in 2009.

The total number of compulsory and voluntary insolvencies was 2954 last year, down from 3691 in 2009.