Published: 17/05/2022 By Hannah McCormackOur monthly run down on how many insolvencies took place last month compared to the same time in previous years:
All the data is taken from the monthly stats created by the insolvency service.
Although previously during the pandemic overall numbers of company and individual insolvencies had been lower than in previous years, things are now changing and the number of company insolvencies are significantly higher than pre-pandemic times. These higher figures are mainly driven by Creditors Voluntary Liquidation (CVL) numbers, which are 74% higher than in April 2019. The numbers for other insolvency procedures still remain lower apart from compulsory Liquidations which are 3 times higher as well as administrations which were 51% higher than last year.
The graph below shows the data from April 2019 to April 2022 for company insolvencies in England and Wales.There were 1,991 registered company insolvencies in April 2022 in England & Wales
- More than double the number registered in the same month in the previous year - 925 in April 2021
- 39% higher than the number registered pre-pandemic 3 years ago - 1,429 in April 2019
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,777 (118% - 2.2 times higher than in April 2021 and 74% higher than in 2019)
Compulsory liquidations = 91 (203% - 3 times higher than April 2021 but 61% lower than April 2019)
Administrations = 113 (51% higher than April 2021 but 22% lower than 2019)
Company Voluntary Arrangements =10 (double the amount than in April 2021 but 62% lower than 2019)
Moratorium = 38 between June 2020 & April 2022
Could a Moratorium give you the necessary breathing space to save your business? Find out here.
Want to know more about each Insolvency Procedure listed above? click each link below for our insolvency advice pages or give us a call for a more detailed chat:
Company Voluntary Liquidation (CVL)
Compulsory Liquidations or winding up by the court
Company Voluntary Arrangement (CVA)