The Economic Pulse: Insolvency Statistics for 2024

According to the latest Company Insolvency statistics published by the UK Government National Statistics, the business landscape has been marked by a surge in company insolvencies, reaching an acceleration that has not been seen since 1993. A particularly startling trend is the unprecedented rise in Creditors' Voluntary Liquidations (CVLs), signalling a climate of heightened economic pressure and uncertainty. These statistics, while concerning, serve as a crucial reminder of the importance of risk management and business continuity planning. At SES Secure, we understand that behind every statistic is a story of a business facing challenges, and we're here to help achieve a more secure future.

The Economic Pulse: A Closer Look at Insolvency Statistics

With 25,158 company insolvencies recorded last year, there's an increased focus on the resilience of the technology-reliant sectors. The Information & Communication sector, alongside Professional, Scientific & Technical services, have seen substantial impacts, contributing significantly to the overall insolvency figures. For instance, the Information & Communication sector experienced an increase in insolvencies by nearly 20% compared to the previous year, reflecting the urgency for safeguarding digital assets.

SES Escrow: Response to Economic Uncertainty

In response to the shifting economic landscape, SES Secure provides Software Escrow solutions designed to mitigate the heightened risk of software vendor disruptions:

• Risk Reduction: By safeguarding access to source code and supporting materials with software escrow, SES Secure helps businesses maintain operational autonomy regardless of their vendors' financial stability.
• Business Continuity Assurance: In the event of vendor insolvency, SES ensures that you have the necessary access to your critical software, allowing for uninterrupted service and compliance.
• Comprehensive Software Escrow Solutions: We offer various escrow arrangements to meet the unique needs of your business, from source code escrow to verification services and escrow continuity services, aligning with the intricacies of the Information & Communication and Professional, Scientific & Technical sectors.
• Customer Reviews: SES has 5-star Feefo rating, based on independent reviews from verified customers. This highlights our successful track record in delivering reliable Software Escrow Solutions.
• Continuity Escrow: This service ensures businesses are protected against the immediate risks of software vendor failures and equipped to maintain seamless operations during disruptions. By facilitating rapid, managed access to essential applications, Continuity Escrow addresses the urgent need for resilience and operational continuity.
   

Taking Action Against the Tide

With the insolvency rate at 53.7 per 10,000 active companies in 2023, the need for strategic partnerships with Software Escrow services has never been more pressing. While no one can predict the future, current trends in insolvency data highlight the need of a proactive strategy. It's a gentle reminder of the importance of safeguarding against potential disruptions.
 

Secure Your Business's Future: Discover SES's Commitment to Continuity and Protection

In times where certainty is valuable, SES Secure offers a service that helps keep your business on steady ground. By ensuring that your essential software systems are protected, and always available we provide the assurance to move forward with confidence. Connect with SES Escrow to solidify the foundation of your business's most critical operations.

For a comprehensive understanding of our offerings and to discuss tailored solutions for your firm, get in touch with our Commercial Escrow Specialist, Darragh Lavin at [email protected]