Insolvency statistics – February 2024

Published: 26/03/2024 By Hannah Duncan

Welcome to our monthly insolvency statistics blog, each month we look at what the Insolvency Service has published for the previous month regarding company insolvencies for England and Wales.

The data is taken from February's monthly insolvency statistics created by the insolvency service.

Two months into the year and we see another spike in the number of company insolvencies, a total of 333 more insolvencies this month than last month. February 2024 sees the highest total numbers than in previous February's dating all the way back to 2019.

The graph below shows the total number of company insolvencies, split by the type of insolvency, the data is from February 2019 until February 2024.


There were 2,102 registered company insolvencies in February 2024 in England & Wales

  • 17% higher than February last year (1,801 in February 2023)
  • 333 more than than last month (1,769 in January 2024) 

These figures are made up as follows: 

Creditors Voluntary Liquidations - CVLs  = 1,707 - 12% higher than February 2023

Compulsory liquidations = 217 - 35% higher than February 2023

Administrations = 166 - 54% higher than February 2023

Company Voluntary Arrangements - CVA's  = 12 - equal to that in February 2023

Receivership = 0

Moratorium = 52 between 26th June 2020 & 29th February 2024
 
If you have noticed that your business is struggling financially, perhaps it has cash flow issues, 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 from 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? Or just need some insolvency advice? 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 insolvency@turpinba.co.uk we offer a free no obligation initial meeting. 

Or take our Insolvency Test