Insolvency statistics – March 2023

Published: 18/04/2023 By Hannah McCormack

We are now into the insolvency stats for March 2023 and what a massive jump in the total number of insolvencies since the start of 2023!

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 March 2019. It is split by the different type of insolvency, making it easier to see which type had the most cases.

As you can see creditors voluntary liquidations (CVL) still hold the largest portion of the total insolvencies for this month as they have done in all pervious months. Since February there has been a huge rise in the total number of insolvencies, rising from 1,783 last month to 2,457 in March, the highest its been in the last 4 years.




There were 2,457 registered company insolvencies in March 2023 in England & Wales

  • 16% higher than in the same month a year ago (2,120 in March 2022)
  • 38% higher than last month (1,783 in February 2023)


These figures are made up as follows: 
Creditors Voluntary Liquidations = 2,011 - 9% higher than in March 2022

Compulsory liquidations = 288 - twice as high as in March 2022

Administrations = 145 - 12% higher than March 2022

Company Voluntary Arrangements = 13 - 44% higher  than March 2022

Receivership = 0

Moratorium = the number remains at 42 between June 2020 & March 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.

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 insolvency@turpinba.co.uk we offer a free no obligation initial meeting. 

Or take our Insolvency Test