Insolvency statistics – January 2024

Published: 22/02/2024 By Hannah Duncan

Welcome to our monthly insolvency statistics blog where we have the first look at the stats for 2024! Here we showcase what is happening each month with the company insolvencies for England and Wales.

All the data is taken from the monthly insolvency statistics created by the insolvency service.

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

We start the year with a further dip in the total number of company insolvencies, there was 233 less than in December 2023, which is a total drop of over 600 since November 2023. Will this be a year where levels drop back under 1500 or will we see the continued gradual upward trend that we have seen since the beginning of 2022?



There were 1,769 registered company insolvencies in January 2024 in England & Wales

  • 5% higher than January last year (1,685 in January 2023)
  • 233 less cases than last month (2,002 in December 2023) 

These figures are made up as follows: 

Creditors Voluntary Liquidations - CVLs  = 1,294 - 6% lower than January 2023

Compulsory liquidations = 339 - 66% higher than January 2023

Administrations = 120 - 40% higher than January 2023

Company Voluntary Arrangements - CVA's  = 16 - 14% higher than January 2023

Receivership = 0

Moratorium = 52 between 26th June 2020 & 31st January 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