Insolvency statistics – May 2023

Published: 25/06/2023 By Hannah Duncan

The insolvency stats for May 2023 have been released and no sooner have the numbers dropped they have shot back up again!

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 May 2019 and is split by the type of insolvency.

As you can see numbers of company insolvencies have spiked again with creditors voluntary liquidations (CVL) still holding the largest portion of the total number of insolvencies for this month.



There were 2,552 registered company insolvencies in May 2023 in England & Wales

  • 40% higher than May last year (1,825 in May 2022)
  • 867 more cases than last month (1,685 in April 2023) 


These figures are made up as follows: 
Creditors Voluntary Liquidations = 2,181 - 38% higher than May 2022

Compulsory liquidations = 189 - 34% higher than in May 2022

Administrations = 151 - 80% higher than May 2022

Company Voluntary Arrangements = 31 - 121% higher than May 2022!

Receivership = 0

Moratorium = the number remains at 44 between June 2020 & May 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