Published: 21/06/2022 By Hannah McCormackHere is our monthly run down on how many insolvencies took place compared to the same time in previous years:
All the data is taken from the monthly stats created by the insolvency service.
Although previously during the pandemic overall numbers of company and individual insolvencies had been lower than in previous years, things have now changed and the number of company insolvencies are significantly higher than pre-pandemic times. These higher figures are mainly driven by Creditors Voluntary Liquidation (CVL) numbers, which are now higher than they were in both May 2021 and 2019 but however this is a downturn in comparison to last month. The numbers for other insolvency procedures still remain lower apart from compulsory Liquidations which are 4 times higher than last year, adding to that administrations are a huge 95% higher than last year.
The graph below shows the data from May 2019 to May 2022 for company insolvencies in England and Wales.
There were 1,817 registered company insolvencies in May 2022 in England & Wales
- 79% higher than the number registered in the same month in the previous year which was 1014 in May 2021
- 34% higher than the number registered pre-pandemic, 3 years ago - 1,352 in May 2019
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,584 (70% - higher than in May 2021 and 66% higher than in 2019)
Compulsory liquidations = 135 (297% - 4 times higher than May 2021 but 50% lower than May 2019)
Administrations = 84 (95% higher than May 2021 but 12% lower than 2019)
Company Voluntary Arrangements =14 (double the amount than in May 2021 but 55% lower than 2019)
Moratorium = 38 between June 2020 & May 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)