Published: 25/04/2022 By Hannah McCormack
We are into a new financial tax year so as usual we bring you the latest insolvency statsAll the data is taken from the monthly stats created by the insolvency service.
We previously reported that during the pandemic overall numbers of company and individual insolvencies were lower than in previous years, however, as things are now back on track the situation has changed and the number of company insolvencies are significantly higher than pre-pandemic times. Within this figure are the Creditors Voluntary Liquidation (CVL) numbers, which have been gradually creeping up since the end of 2021 but are now at their highest. The numbers for other insolvency procedures still remain lower apart from compulsory Liquidations which are almost 4 times higher as well as administrations which were 74% higher than last year but both are lower than in 2019.
The graph below shows the data from March 2019 to March 2022 for company insolvencies in England and Wales.
There were 2,114 registered company insolvencies in March 2022 in England & Wales- More than double the number registered in the same month in the previous year - 999 in March 2021
- 34% higher than the number registered pre-pandemic 3 years ago - 1,582 in March 2019
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,844 (109% - 2.1 times higher than in March 2021 and 62% higher than in 2019)
Compulsory liquidations = 131 (297% - 3.97 times higher than March 2021 but 45% lower than March 2019)
Administrations = 129 (74% higher than 2021 but 26% lower than 2019)
Company Voluntary Arrangements =10 (equal to than in March 2021 but 66% lower than 2019)
Moratorium = 36 between June 2020 & March 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)
Company Administration