Total liquidations, Jan - Dec 2024

In 2024 total liquidations were 2,467, a significant 34.44% increase from 2023. For some context, this % increase is greater than the 32% increase to liquidations we observed during the global financial crisis from 2007 to 2009.

Diverging from patterns in previous years, liquidations in December 2024 also rose by 15% from the previous month, in contrast to the 14% and 22% decreases recorded in 2023 and 2022, respectively.

We suspect that many shareholders were looking to clear the slate for 2025 and project that January will also show a higher-than-average number of total liquidations.

Receiverships & voluntary administration

Company receiverships have increased significantly, from 102 in 2023 to 186 in 2024 (an 82.4% increase). While data for non-limited entities and private individuals is harder to access, it is reasonable to suspect that similar trends may have occurred.

The number of voluntary administrations also reached record highs. In 2024, they climbed to 72 appointments, marking a 69.77% increase from the previous record high of 44 set in 2019. This figure in 2024 marks the highest since VA’s introduction in 2007.

All things considered, 2024 has broken record highs for insolvency procedures which clearly reflects the difficult economic climate businesses currently face. We suspect that many struggling companies, lenders, and creditors will be looking for a quick way out, which means the current trend is likely to continue in 2025.