Published: 18/09/2023 By Hannah DuncanThe insolvency stats for August 2023 are out and it's a sharp spike in numbers from last month.
All the data is taken from the monthly stats created by the insolvency service.
The graph below shows the total number of company insolvencies each month since August 2019 and is split by the type of insolvency.
Following a 2 month reduction in total numbers we now see another spike. Our predictions of numbers being quieter over the summer months followed by an increase was correct but will the numbers continue to rise all the way up to Christmas? The breakdown of each type of insolvency is below the graph.
There were 2,308 registered company insolvencies in August 2023 in England & Wales
- 19% higher than August last year (1,941 in August 2022)
- 581 more cases than last month (1,727 in July 2023)
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,880 - 13% higher than August 2022
Compulsory liquidations = 221 - 45% higher than in August 2022
Administrations = 195 - 68% higher than August 2023
Company Voluntary Arrangements = 11 - 15% lower than August 2022
Moratorium = 46 between 26th June 2020 & 31st August 2023
If you have noticed that your business has cash flow issues and is struggling financially, don't panic, there are options to try before an official insolvency procedure is needed BUT you must act now! We are rescue and recovery specialists, we thrive on business turnaround and are only a phone call away to getting your business back on track. Read our blog on 6 reasons why you should take early advice from an IP
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? Please click each link above for our insolvency advice pages or give us a call for a more detailed chat, call 020 8661 7878 or email email@example.com we offer a free no obligation initial meeting.
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