Published: 17/10/2023 By Hannah DuncanThe insolvency stats for September 2023 are out and it's another dip in numbers.
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 September 2019 and is split by the type of insolvency.
Following a spike in numbers last month we see yet another drop. Despite the drop, the overall number of insolvencies have seen an upwards trend since the start of 2021.
There were 1,967 registered company insolvencies in September 2023 in England & Wales
- 17% higher than September last year (1,688 in September 2022)
- 341 less cases than last month (2,308 in August 2023)
These figures are made up as follows:
Creditors Voluntary Liquidations = 1,576 - 14% higher than September 2022
Compulsory liquidations = 255 - 19% higher than in September 2022
Administrations = 125 - 47% higher than September 2022
Company Voluntary Arrangements = 11 - this is the same as September 2022
Moratorium = 46 between 26th June 2020 & 30th September 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. 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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