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The company insolvency statistics for the first quarter of 2023 (1 January to 31 March) have been released, and so we discuss the findings here.
The total number of company insolvencies registered in Q1 2023 was 5,747. Reflecting on Q4 2022 figures and we see a 4% decrease, but when looking compared to Q1 2022, these figures are 18% higher.
Process specific breakdown:
It should be reflected on that there were 42 companies obtaining a moratorium and 20 companies having restructuring plans registered at Companies House, between 26 June 2020 and 31 March 2023.
Liquidation Rates per 10,000 active companies
In the four quarters ending Q1 2023, the liquidation rate for companies was 50.8 per 10,000 active companies in England and Wales (1 in 197 companies liquidated in the 12 months ending 31 March 2023). This rate is more than the 12 month periods ending Q4 2022 and Q1 2022.
Company Insolvencies by Industry
From analysing SIC codes of companies and the insolvency statistics, it has been shown that the industries experiencing the highest amount of insolvencies in the 12 months ending Q1 2023 were:
These were also the five sectors with the most insolvencies in the 12 months ending Q1 2022.
Company Insolvencies in Scotland
In Scotland, there were 297 company insolvencies recorded for Q1 2023. This was 41% higher than in the same period of 2022. Statistics included 113 compulsory liquidations, 176 CVLs, 7 administrations and 1 receivership. There were no CVAs.
The liquidation rate for the 12 months ending Q1 2023 was 49.5 per 10,000 active companies. This was up by 11.9 compared to the same period the year before.
Between 26 June 2020 and 31 March 2023, there were no moratoriums in Scotland, but there were two restructuring plans registered at Companies House.
Company Insolvencies in Northern Ireland
Northern Ireland saw 40 company insolvencies in Q1 2023 which was 29% less than in Q1 2022. The statistics consist of 28 CVLs, 4 compulsory liquidations, 2 administrations and 6 CVAs. There were no receiverships.
The liquidation rate for the 12 months ending Q1 2023 was 24.8 per 10,000 active companies in Northern Ireland. This was an increase of 5.7 from in the same period the year before.
The full report and findings can be seen here.