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.

Poundland In Administration Move

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Poundland has filed an intention to appoint administrators according to multiple sources.  The main purpose of this will be to ensure that the company has a breathing space of at least 10 days to try and sell the business.   The owners, Gordon Brothers, who bought the company for £1 back in 2025, are looking to sell the business. If the sale falls through, it is likely to enter insolvency. The company did look at a possible CVA earlier but this does not appear to be on the cards now.  The Martin Group are reported to be the only buyer interested in a sale as a going concern. So if it fails then administration is likely. According to Sky the owners have just parachuted in 3 directors to the board including the restructuring expert Stephen Welch. A Poundland spokesman said: “We confirm that Barry Williams, Andy Bond and the Poundland leadership team have been working with the Martin Property Group on an MBO. “While the Martin Property Group is their preferred partner, the leadership team’s sole intention is to work with whoever can deliver the best result for the business, colleagues and suppliers and build on the successful recovery that’s already taking shape.” Poundland employs 13,000 people and has 600 stores. Since the cost of living crisis, there has been strong competition from other discounters like B&M and Poundstretcher.  Poundstretcher themselves used a CVA to reduce costs. They exited in 2022 paying just 12p in the £1 to its unsecured creditors If such a big retailer were to fail, this would send shockwaves through the sector and would be a political headache for the Labour Government. ​​

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Poundland In Administration Move

Torsion Projects Goes Into Administration

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Leeds-based construction firm Torsion Projects Limited has ceased trading and entered administration, resulting in the redundancy of all 54 employees. Established in 2015, the company specialised in the construction of care homes across the UK and formed part of the wider Torsion Group. The company had experienced sustained cashflow difficulties following the termination of several contracts, leaving it unable to cover its operating costs. Despite efforts by the directors to secure fresh investment, the business was unable to continue trading. All construction sites were handed back to developers or funders before James Clark and Rick Harrison of Interpath were appointed as joint administrators. James Clark said the company's financial difficulties had become insurmountable and confirmed that support was being provided to affected employees. The collapse follows the administration of fellow group company Torsion Construction Limited in July, which provided contracting services to Torsion Developments in the student accommodation sector. However, Torsion Developments Limited and Torsion Care Limited are not in administration

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Torsion Projects Goes Into Administration

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