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Monthly Insolvency Statistics: January 2024

16th February, 2024

The first monthly insolvency statistics have been released for 2024, focusing on January. Here we provide a detailed overview.

Company Insolvencies

January 2024 saw 1,769 registered company insolvencies through England and Wales. This is an increase of 5% when compared to the amount registered in the same month of 2023. Compared to December 2023 figures it is a slight drop.

The company insolvencies consisted of:

  • 1,294 Creditors Voluntary Liquidations (CVLs) – 6% lower than in January 2023
  • 339 Compulsory Liquidations – 66% higher than in January 2023
  • 120 Administrations – 40% higher than in January 2023
  • 16 Company Voluntary Arrangements (CVAs) – 14% higher than in January 2023

There were no receiverships registered.

A higher number of Compulsory Liquidations and Administrations seem to be the driving force of the increase in company insolvency statistics compared to January 2023. CVAs also saw an increase.

Compulsory Liquidations and Administration levels fell, by 18% and 8% respectively.

It is important to note that now, company insolvency numbers have returned to and exceeded pre-pandemic levels.

Between 26 June 2020 and 31 January 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 January 2024 saw 88 registered company insolvencies – quite a drop compared to December 2023 and a 19% decrease compared to January 2023 figures. January 2024 figures are made up of 46 CVLs, 34 compulsory liquidations, 7 administrations and 1 CVA. No 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 31 January 2024, no moratoriums were obtained for companies in Scotland. Two companies did register a restructuring plan at Companies House.

For Northern Ireland, 30 company insolvencies were registered in January 2024 – this being 114% higher than that in January 2023 and just a total of 5 more than the recorded figure for December 2023. Registrations consisted of 8 compulsory liquidations, 17 CVLs, 4 CVAs and 1 administration. No receiverships were recorded for this period.

Individual Insolvencies

England and Wales had 8,089 Individual Insolvencies registered in January 2024. This is 4% more than what was registered in January 2023. It is thought that the reason for the increase is the rise of DROs and bankruptcies, as IVAs decreased.

Delving deeper, the registrations are broken up into:

  • 2,793 Debt Relief Orders (DROs) – 60% higher than in January 2023
  • 4,528 Individual Voluntary Arrangements (IVAs) – 16% lower than in January 2023
  • 768 Bankruptcies (split as 606 debtor applications and 162 creditor petitions) – 20% higher than in January 2023

Northern Ireland had 112 Individual Insolvencies registered in January 2024. Numbers are made up of 76 IVAs, 16 DROs and 20 bankruptcies. Total numbers are 7% 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.

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