Monthly Insolvency Statistics: November 2025

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There were 1,866 registered company insolvencies in England and Wales in November 2025. That’s 8% fewer than in October and 7% fewer than in November last year. Overall, insolvency numbers in 2025 have generally been slightly higher than in 2024, but still below 2023, which recorded the highest levels in 30 years.

In November 2025, these cases included 250 compulsory liquidations, 1,461 creditors’ voluntary liquidations (CVLs), 136 administrations, 18 company voluntary arrangements (CVAs) and one receivership. Compulsory liquidations were down sharply compared to October and were also below last year and the 2024 monthly average. CVLs were also lower than both October and the 2024 average, while both administrations and CVAs increased compared to October.

Looking over the past 12 months to the end of November 2025, around 1 in every 189 companies entered insolvency (52.9 per 10,000 companies), which is slightly down on the previous 12-month period. Using this rolling annual measure helps smooth out monthly fluctuations and shows the broader trend.

Creditors’ Voluntary Liquidations (CVLs)
CVLs made up 78% of all insolvencies in November 2025. Numbers fell by 7% compared with both October 2025 and November 2024. So far in 2025, average CVL levels are broadly similar to 2024. CVLs had previously peaked in 2023 at the highest level since records began, after rising for several years, but fell in 2024 for the first time since 2020.

Compulsory Liquidations
Compulsory liquidations dropped 21% from October and were 10% lower than November 2024. However, looking at 2025 so far, monthly averages are still around 17% higher than in 2024. Levels in 2024 were already the highest since 2014, following sharp increases from the very low levels seen during the pandemic when restrictions limited winding-up action.

Administrations
Administrations were up 12% on October and 5% higher than November 2024, although the 2025 monthly average remains below 2024 levels. After hitting an 18-year low in 2021 during the pandemic, administration numbers have gradually risen and are now broadly similar to pre-pandemic levels.

Company Voluntary Arrangements (CVAs)
CVAs increased by 6% compared with October and were 29% higher than November last year, although absolute numbers remain low compared to historic trends.

In Conclusion

The fall in insolvency figures is a relief for policy makers but anecdotal evidence is that HMRC were taking a soft line against companies that owed tax in the last few months.  The budget uncertainty persuaded companies not to take risks and keep costs under control that may have also contributed to the fall.

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