Helping directors online for over 23 years.
The Insolvency Service has published the latest release of its monthly series to provide more up to date information on the number of companies and individuals who are unable to pay debts and enter formal insolvency procedures. The release supplements the Insolvency Service’s quarterly company and individual Insolvency National Statistics.
The monthly series began when COVID-19 occurred, to assess the impact companies and individuals faced. The releases have continued since to get more in depth and timely data, along with the quarterly release.
Comparisons will be made throughout to that of last year (2022).
In April 2023 there was a total of 1,685 registered company insolvencies across England and Wales, further broken down as follows:
These figures are 15% lower than in April 2022 and also a significant decrease when looking at figures from March 2023. The decrease here is said to be a result of a decrease in CVLs. For all other insolvency proceedings, the figures had increased compared to that the previous year. HMRC has presented more winding up petitions than previously and is therefore the main driver of the increase in court led appointments (compulsory liquidations).
Note: between 26 June 2020 and 30 April 2023, 43 companies were granted a moratorium and 21 had restructuring plans registered at Companies House. These procedures were created by the Corporate Insolvency and Governance Act 2020.
April 2023 saw 114 company insolvencies in Scotland. Figures comprised 64 CVLs, 41 compulsory liquidations and 9 administrations – similar to that of March 2023. There were no CVAs or receiverships. These statistics were 24% higher than in April 2022.
Historically, the number of company insolvencies registered in Scotland has been driven by compulsory liquidations but since April 2020, there have been almost three times as many CVLS as compulsory liquidations.
Between 26 June 2020 and 30 April 2023, there were no moratoriums obtained in Scotland and two companies had a restructuring plan registered at Companies House. The Corporate Insolvency and Governance Act 2020 created these two procedures.
In April 2023, there were 8 company insolvencies in Northern Ireland, comprising 2 compulsory liquidations, 2 administrations and 4 CVLs. There were no receiverships or CVAs. Compared to April 2022, such numbers are 38% lower – alike to that in March 2023.
For UK figures, there were a total of 2,384 Debt Relief Orders (DROs) recorded in April 2023. When looking back to April figures of 2022, 2023 stats are 24% higher.
There were 531 bankruptcies for England and Wales in April 2023. The records are made up of 418 debtor applications and 113 creditor petitions.
Compared to April 2022, bankruptcies were 5% lower and debtor applications 10% lower. Creditor petitions were 18% higher than in April 2022.
It was also found that there were 6,336 individual voluntary arrangements (IVAs) registered, on average, during the three months ending April 2023. This figure is 16% lower than the three-month period ending April 2022.
When looking at the figures for Northern Ireland, April 2023 saw 110 individual insolvencies. Compared to April 2022 statistics, this is 32% lower. 2023 April numbers consisted of 85 IVAs, 18 DROs and 7 bankruptcies.
Find the full publication of statistics here.