Published: 20/11/2023 By Hannah DuncanThe insolvency stats for October 2023 are out, the numbers are back up to the levels we saw in August this year but not as high as the spike we had in May.
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 October 2019 and is split by the type of insolvency.
We are still following an overall upwards trend in total number of insolvencies since the start of 2021 but will this ease off as the Christmas trading period kicks in!?
There were 2,315 registered company insolvencies in October 2023 in England & Wales
- 18% higher than October last year (1,954 in October 2022)
- 348 more cases than last month (1,967 in September 2023)
These figures are made up as follows:
Creditors Voluntary Liquidations - CVLs = 1,889 - 19% higher than October 2022
Compulsory liquidations = 256 - 2% higher than in October 2022
Administrations = 146 - 36% higher than October 2022
Company Voluntary Arrangements - CVA's = 23 - 4 times higher than October 2022
Moratorium = 47 between 26th June 2020 & 31st October 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.
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