Monthly Insolvency Statistics: November 2023

Published on : 22nd December, 2023
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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.

Quiz Clothing In Administration Rumours

in A guide for redundant employees in administration or insolvency situations News Retail

Quiz Clothing is rumoured to be close to administration according to reports in the papers that cites the source as the Telegraph.  I must admit I cannot find such an article except this one.Anyway, The fast fashion retailer has apparently filed a notice of intention to appoint administrators.  It should be borne in mind that this is often a protective measure which gives the company breathing space, initially for 10 days,  to put together a rescue plan.  It has been reported that funds are looking at injecting it with new capital.Quiz currently has 40 stores across the UK, including in London and Manchester.  The company also employs around 1000 people.The company in a statement said it had disappointing sales during the Christmas trading period and blamed labour policies that have pushed up their costs.The Sun reported that a spokesman for the company had said that all Quiz Shops continue to remain open.

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Quiz Clothing In Administration Rumours

TOFS In Administration

in Retail What Does Going Into Administration Mean?

TOFS has gone into administration with Interpath, being appointed administrator of the Burnley-based discount retailer as of today.  1200 jobs thought to be at risk. Update 19th January 2026TOFS has filed a second intention to appoint administrators. This is its last chance to find a buyer for the business.  The moratorium lasts 10 days.  After the moratorium expires and no buyer is found then the company will go into administration and most likely most of the stores will close.The Original Factory Shop (TOFS), bought by Modella Capital just four weeks ago, is working with advisers at Interpath on a potential company voluntary arrangement, Sky News has reported.​Modella is looking at a CVA in order to close underperforming businesses and impose rent reductions on others.Potential reorganisation suggestions are also believed to include a significant distribution centre.It is understood that the creditors will meet to vote on the proposal in Mid May.  It is hoping that 88 stores will get rent reductions.There will undoubtedly be some job losses among TOFS's employees, which was estimated to be around 1,800 at the time of last month's takeover, if any so-called "landlord-led" CVA caused store closures. What is a landlord led CVA? A CVA allows the company to terminate its liabilities under a lease provided that the majority of creditors by value (75%) agree. Landlords who do not have large arrears or rent owed to them are permitted in law to vote to the value of only 12 months rent.  In the majority of cases, landlords make up a small proportion of the total debts so they are routinely out voted by suppliers, HMRC etc.This explains why many retailers use this as a way of reducing rental costs as they can make up a high proportion of the companies costs but not their liabilities. So in other words they can get rid of loss making stores and not be on the hook for the 5 year lease.  By applying pressure on landlords, by threatening a CVA, they can get rent reductions on premises that might otherwise have to close.TOFS, which sells beauty brands such as L'Oreal, the sportswear label Adidas and DIY tools made by Black & Decker, has about 180 outlets.​​We will keep this page updated once we know more.

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TOFS In Administration
Revel Logo

The Revolution Bars Files Notice of Intention to Appoint Administrators

in A guide for redundant employees in administration or insolvency situations Notice of Intention to Appoint Administrators Retail What Does Going Into Administration Mean?

The Revel Collective, the national bar and gastro pub operator trading primarily under the Revolution, Revolución de Cuba, and Peach Pubs brands, has filed a notice of intention to appoint administrators.The move follows confirmation late last year that the group was actively pursuing a formal sale process to identify a buyer or buyers for the business. While those discussions are understood to be well advanced, the company has acknowledged that the transactions currently under consideration are not expected to deliver any return to shareholders, prompting action to safeguard creditor interests.Unless circumstances change, administrators are expected to take control of the business and its portfolio of around 60 venues within 10 business days. Trading to Continue as Sale Process Advances The group has confirmed that it will continue to trade during the notice period, including its Revolution and Revolución de Cuba venues in Glasgow and Aberdeen, while working with advisers to “preserve as much value as possible for all stakeholders” as the sale process progresses. Impact of Government Measures Cited The Revel Collective, which rebranded from Revolution Bars Group following a restructuring in October 2024, attributed its financial difficulties to the cumulative impact of government interventions announced in the most recent Budget. The company said these measures had undermined efforts to improve trading performance across the estate. Background and Leadership Founded in 1991 as a single bar in Ashton-under-Lyne, Manchester, the business was established by Roy Ellis and Neil Macleod, both of whom exited the company in 2013.The group is currently led by chief executive Rob Pitcher, with the 2024 restructuring also seeing entrepreneur Luke Johnson appointed as non-executive chairman. What This Means for Creditors The filing of a notice of intention to appoint administrators provides the company with a short period of legal protection from creditor action while options are explored.During this time, creditors cannot commence or continue legal proceedings without court permission.The business is continuing to trade, which may help preserve value while a sale of some or all of the business is pursued.If administrators are appointed, they will assess whether a sale, restructuring, or closure of venues offers the best outcome for creditors.Unsecured creditors should be aware that recoveries will depend on the value realised from any sale and the level of secured and preferential claims.

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The Revolution Bars Files Notice of Intention to Appoint Administrators

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