March insolvency figures in the South and Thames Valley region have significantly dropped, claims trade body R3.

Newly released data for England and Wales indicates corporate insolvencies are much lower than previous levels in February and March last year.

These statistics, produced by The Insolvency Service, also reveal a surprising 19 per cent decrease in personal insolvencies when compared to February figures.

In specific numbers, corporate insolvencies in England and Wales for March 2024 totalled 1,815, down 16.6 per cent from February’s 2,177 and 17.2 per cent lower than March 2023’s 2,193.

Furthermore, a decrease of 18.9 per cent in personal insolvencies has been documented with March 2024 numbers standing at 8,708 compared to February’s 10,740 and March 2023’s 9,598.

Neil Stewart, chairman of R3’s Southern and Thames Valley region, said: "The biggest driver of the monthly and yearly fall in corporate insolvency numbers is a reduction in Creditors’ Voluntary Liquidations. However, numbers for this process and overall levels of corporate insolvency are still higher than they were pre-pandemic.

"The latest available sectoral data shows that construction is currently the industry experiencing the highest levels of insolvency, with the figures for this sector for November 2023-January 2024 being slightly higher than they were in the same period last year."