Monthly Insolvency Statistics: November 2023

Published on : 22nd December, 2023 | Updated on : 20th August, 2024

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Research and Statistics

The monthly insolvency statistics have been released for the month of November 2023. In this article the findings will be explored.

Company Insolvencies

November 2023 saw 2,466 registered company insolvencies through England and Wales. This is an increase of 21% when compared to the amount registered in the same month of 2022. This is also higher than figures during the pandemic and pre-pandemic.

The company insolvencies consisted of:

1,962 Creditors Voluntary Liquidations (CVLs)
359 Compulsory Liquidations
133 Administrations
12 Company Voluntary Arrangements (CVAs)

There were no receiverships registered.

CVLs (23% higher in Nov-23 than Nov-22) and Compulsory Liquidations (22% higher in Nov-23 than Nov-22) appear to be the drivers of the increase in company insolvencies, compared to November 2022. Although CVAs also did see a 20% increase. Administration levels were similar to what it was in November 2022.

Between 26 June 2020 and 30 November 2023, 47 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 November 2023 saw 109 registered company insolvencies. This is made up of 74 CVLs, 30 compulsory liquidations and 5 administrations. No CVAs or receiverships were recorded.

Historically, compulsory liquidations have led the way for the company insolvencies in Scotland. But in the first 11 months of 2023 CVL numbers remained more than 1.5 times higher than compulsory liquidation numbers.

Between 26 June 2020 and 30 November 2023, 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 November 2023 – this being 30% higher than that in November 2022. Registrations consisted of 13 compulsory liquidations, 6 CVLs, administrations and 2 CVAs. No receiverships were recorded for this period.

Individual Insolvencies

England and Wales had 8,243 Individual Insolvencies registered in November 2023. This is 21% less than what was registered in November 2022. It is thought that the reason for the decline is the lack of IVAs, as DROs and bankruptcies increased.

Delving deeper, the registrations are broken up into:

4,292 Individual Voluntary Arrangements (IVAs) – 44% lower than in November 2022
3,290 Debt Relief Orders (DROs) – 45% higher than in November 2022
661 Bankruptcies (split as 522 debtor applications and 139 creditor petitions) – 18% higher than in November 2022.

Northern Ireland had 111 Individual Insolvencies registered in November 2023. Numbers are made up of 70 IVAs, 21 DROs and 20 bankruptcies. Total numbers are 24% lower than the same month a year previous.

Read the full report here.

Moorecraft Pottery Is The Latest Potter To Go Bust

1st May, 2025 in A guide for redundant employees in administration or insolvency situations What Does Going Into Administration Mean?

The directors of Moorcroft Pottery have announced the firm has ceased trading after over 100 years, resulting in 57 job losses, according to the GMB Union.In a social media post on Wednesday, the Stoke-on-Trent firm said it had appointed Moore Recovery to handle voluntary liquidation. No reason was given, but rising energy costs have been cited by industry sources.In March, Moorcroft had warned of possible redundancies due to higher costs and falling sales. The closure is another hit to Stoke-on-Trent’s pottery sector—known as The Potteries—which received World Craft City Status last year. Its tourism site states: "We are the World Capital of Ceramics."2025 has been a difficult year for the industry. Royal Stafford also went into administration in February. Other closures include Dudson (2019), Wade (2023), and Johnsons Tiles (2024).In March, Moorcroft reported energy costs had risen by £250,000 in two years. Keith Brymer Jones said no business could survive that."It's incredibly sad news," he told BBC Radio Stoke. "We've been crying out for support for the ceramics industry and Stoke-on-Trent as a whole for years. It's never been considered a major industry in this country."Rob Flello of Ceramics UK urged government intervention. "Successive governments have just hammered the UK ceramics industry with things like carbon taxes and a whole raft of other taxes that these cheap imports just don't have to worry about,"* he said.Chris Hoofe of GMB added: "The closure of Moorcroft is devastating news for workers and their families, but unfortunately it's not a surprise."The Department for Business and Trade stated: *"We know this will be a concerning time for Moorcroft Pottery workers and their families... ensuring the industry is globally competitive as part of our Plan for Change."Brymer Jones emphasized the broader impact: "It's 57 families that are connected to those jobs and the surrounding area... We're bloody good at making stuff here... and we literally can't afford to lose this skillset."Moorcroft has operated in Burslem since 1913. Founded in 1897 by William Moorcroft with help from Liberty, the firm gained royal recognition in 1928 and was later featured in the Royal Collection. The brand has also been favored by US presidents and British prime ministers.Royal Doulton went bust earlier this year. The main driver of this failures is the increased energy costs and the inability of the potters to compete with low cost imports that are not subject to the same costs or environmental controls.

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Moorecraft Pottery Is The Latest Potter To Go Bust

Monthly Insolvency Statistics: March 2025

28th April, 2025 in Research and Statistics

March 2025 had 1,992 registered company insolvencies in England and Wales, which was 9% more than the same month the year before (1,826 in March 2024) but 2% fewer than February 2025 (2,032). Though they have remained high in comparison to historical levels, company insolvencies over the last 12 months have been marginally lower than in 2023, which saw a 30-year high annual total.In March 2025, there were 295 compulsory liquidations, 1,543 creditors' voluntary liquidations (CVLs), 137 administrations, and 17 company voluntary arrangements (CVAs) among the insolvencies of companies. Compulsory liquidations were greater than March 2024 and the monthly average for 2024, although they were 24% fewer than the 10-year high recorded in February 2025. In March 2025, the number of CVLs was comparable to the monthly average for 2024 and February 2025. Compared to February 2025, there were more administrations and CVAs.From April 1, 2024, to March 31, 2025, one in 188 businesses listed in the Companies House effective register (or 53.1 out of 10,000 businesses) became insolvent. Compared to the 55.8 per 10,000 businesses that went bankrupt in the 12 months ended March 31, 2024, this represented a decline. Insolvency rates are calculated as a percentage of the total number of businesses on the effective register on a 12-month rolling basis. Longer-term patterns are displayed by the 12-month rolling rates, which also lessen the volatility of estimates based on individual months.The insolvency rate has risen from the 2020 and 2021 lows, but it is still much below the 2008–09 recession peak of 113.1 per 10,000 businesses. This is due to the fact that throughout this time, the number of businesses on the effective register has more than doubled. CVLs In March 2025, CVLs accounted for 77% of all company insolvencies. The number of CVLs increased by 1% from February 2025 and was 8% higher compared to the same month last year (March 2024).In 2024, the annual number of CVLs declined for the first time since 2020. This came after three years of increases, peaking in 2023 at the highest annual total since the time series began in 1960. Between 2017 and 2019, CVLs had been rising at approximately 10% per year, but during the COVID-19 pandemic, they fell to their lowest levels since 2007. Compulsory liquidations Compulsory liquidations have increased in recent months. The number in March 2025 was 24% lower than the 10-year high seen in February 2025, but 5% higher than in March 2024 and 9% higher than the 2024 monthly average.In 2024, compulsory liquidations were at the highest levels since 2014, having increased by 14% compared to 2023 volumes. This continued an increase from record low levels seen in 2020 and 2021, while restrictions applied to the use of statutory demands and certain winding-up petitions (leading to compulsory liquidations). Administrations The number of administrations in March 2025 was 17% higher than in February 2025 and 30% higher than in March 2024.In 2024, the number of administrations increased by 2% from 2023 and was slightly higher than annual totals seen between 2015 and 2019. Numbers of administrations have continued to increase since 2022 from an 18-year annual low seen during the COVID-19 pandemic in 2021. CVAs The number of CVAs in March 2025 was 2.4 times as many as in February 2025 and 89% higher than in March 2024. Numbers remain low compared to historical levels. CVAs are not seasonally adjusted due to low volumes. In 2024, the number of CVAs was 9% higher than in 2023 and over 80% higher than in 2022, which saw the lowest ever annual total in the time series going back to 1993. Despite this increase, the number in 2024 was slightly less than 60% of the 2015 to 2019 annual average. Receivership appointments There were no receivership appointments in March 2025. Receivership appointments are now rare, with only three being registered in the past 12 months ending March 2025 (see Glossary for further information). Insolvencies by Industry The five industries (in accordance with SIC 2007) that experienced the highest number of insolvencies in the 12 months to February 2025 were:Construction (4,046, 17% of cases with industry captured),Wholesale and retail trade; repair of motor vehicles and motorcycles (3,607, 15% of cases with industry captured),Accommodation and food service activities (3,405, 14% of cases with industry captured),Administrative and support service activities (2,367, 10% of cases with industry captured), andManufacturing (1,974, 8% of cases with industry captured).Analysts will be looking closely at staff heavy industries such as Leisure and hospitality for any indications of distress following the hikes in Employers NIC.

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Monthly Insolvency Statistics: March 2025

Hobbycraft To Launch CVA to Close Stores And Negotiate With Landlords

22nd April, 2025 in News Retail What is a CVA (Company Voluntary Arrangement)?

According to information obtained by Sky News, Modella Capital, a private investment business that specialises in acquiring struggling retailers, including WH Smith, will propose a company voluntary arrangement (CVA) at Hobbycraft as early as Wednesday. It has been reported that it will be FRP Advisory that will propose the CVA.People close to the plan stated that nine of its shops would be closed with the loss of around 100 jobs, and that 18 more would remain open only if negotiations with landlords over rent cuts work out.According to the individuals, 1,800 staff will be protected as an additional 97 stores will not be impacted by the CVA.Hobbycraft ‎is the latest in a series of High Street names to look at trying to reduce the size of their store portfolios amid rising pressures from online and discount rivals, increased employment costs and a deteriorating outlook for consumer confidence.Expensive High Street stores can be cut back provided that the lease allows for early termination. If not the only way out is to surrender the lease that can be very expensive or use a company voluntary arrangement (CVA).A CVA allows the retailer to determine its lease obligations which can greatly help the company's cash flow. For more information on why a CVA is a perfect mechanism for helping retailers, read our retailer rescue page Why not read our case study where we rescued a multi-store retailer

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Hobbycraft To Launch CVA to Close Stores And Negotiate With Landlords