Written ByRobert Moore
Marketing Manager
Rob has over a decade of experience in web and general marketing. He has extensive knowledge of the Insolvency sector and has helped many worried directors with their questions.
Rob is now working with the Board at KSA Group Ltd to develop strategic marketing programmes to support the business plan and drive more company rescues.
The second monthly insolvency statistics have been released for 2024, focusing on February. Here we provide a detailed overview.
February 2024 saw 2,102 registered company insolvencies through England and Wales. This is an increase of 17% when compared to the amount registered in the same month of 2023. It is also higher compared to January 2024 figures and that when Government support measures were in place in response to the COVID-19 pandemic.
The company insolvencies for February 2024 consisted of:
There were no receiverships registered.
A higher number of Compulsory Liquidations, CVLs and Administrations seem to be the driving force of the increase in company insolvency statistics compared to February 2023.
It is important to note that now, company insolvency numbers have returned to and exceeded pre-pandemic levels.
Between 26 June 2020 and 29 February 2024, 52 moratoriums were obtained in England & Wales, along with 22 companies having a restructuring plan registered at Companies House.
Moving on to the statistics for Scotland and February 2024 saw 94 registered company insolvencies – quite similar to the levels noted in January 2024. Compared to February 2023 figures, the same month of 2024 saw an increase of 9% in registered company insolvencies. February 2024 figures are made up of 58 CVLs, 33 compulsory liquidations and 3 administrations. No CVAs or receiverships were recorded.
Historically, compulsory liquidations have led the way for the company insolvencies in Scotland. But since April 2020, CVL numbers remained higher than compulsory liquidation numbers.
Between 26 June 2020 and 29 February 2024, no moratoriums were obtained for companies in Scotland. Two companies did register a restructuring plan at Companies House.
For Northern Ireland, 26 company insolvencies were registered in February 2024 – this being twice as many as recorded in February 2024. Registrations consisted of 14 compulsory liquidations, 9 CVLs, 3 administrations. No receiverships or CVAs were recorded for this period.
England and Wales had 10,136 Individual Insolvencies registered in February 2024. This is 23% more than what was registered in February 2023 and also a significant rise compared to January 2024. It is thought that the reason for the increase is the all tools; DROs, bankruptcies and IVAs, saw an increase in this period.
Delving deeper, the registrations are broken up into:
Northern Ireland had 112 Individual Insolvencies registered in February 2024 – identical to the amount noted in January 2024. Numbers are made up of 90 IVAs, 11 DROs and 21 bankruptcies. Total numbers are 13% lower than the same month a year previous. Comparing to pre-pandemic levels, since March 2020, levels of individual insolvencies have been lower in Northern Ireland.
You can refer to the full report here.