Published: 29/04/2024 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 monthly company insolvency statistics created by the insolvency service.
After the first quarter we see the number of company insolvencies dip with total numbers less than they were a year ago. Creditors Voluntary Liquidations (CVL's) continue to make up the majority of company insolvencies holding a total of 79%. In fact CVL's hit an all time annual high in 2023, with the most ever recorded in one year since the start of recording back in 1960, every year CVL's have increased apart from a dip during the Covid pandemic.
The graph below shows the total number of company insolvencies, split by the type of insolvency, the data is from March 2019 until March 2024.
There were 1,815 registered company insolvencies in March 2024 in England & Wales
- 17% lower than last month (2,177 in February 2024)
- 17% lower than March 2023 (2,193 in March 2023)
These figures are made up as follows:
Creditors Voluntary Liquidations - CVLs = 1,437
Compulsory liquidations = 261
Administrations = 108
Company Voluntary Arrangements - CVA's = 9
Receivership = 0
Moratorium = 52 between 26th June 2020 & 31st March 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.
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