Insolvency statistics released for January 2023

Posted By: on 15th February 2023

Corporate insolvencies are rising steadily

The number of registered company insolvencies in January 2023 was 1,671:

  • 7% higher than in the same month in the previous year (1,567 in January 2022), and
  • 11% higher than the number registered three years previously (pre-pandemic; 1,502 in January 2020).

There were 189 compulsory liquidations in January 2023, which is 52% more than in January 2022, but 36% lower than in January 2020. Numbers of compulsory liquidations have increased from historical lows seen during the coronavirus (COVID-19) pandemic, partly as a result of an increase in winding-up petitions presented by HMRC.

Of the 1,671 registered company insolvencies in January 2023:

  • There were 1,382 CVLs, which is 2% higher than in January 2022 and 37% higher than in January 2020;
  • 189 were compulsory liquidations, which is 52% higher than January 2022, but 36% lower than January 2020;
  • 14 were CVAs, which is 8% higher than January 2022, but 56% lower than January 2020;
  • There were 86 administrations, which is 21% higher than January 2022, but 49% lower than January 2020;
  • There were no receivership appointments.

 

Individuals

For individuals, 612 bankruptcies were registered, which was 5% higher than in January 2022, but 60% lower than January 2020.

There were 1,741 Debt Relief Orders (DROs) in January 2023, which was 7% lower than January 2022 and 21% lower than the pre-pandemic comparison month (January 2020).

There were, on average, 6,328 Individual Voluntary Arrangements (IVAs) registered per month in the three-month period ending January 2023, which is 1% higher than the three-month period ending January 2022, and 6% higher than the three-month period ending January 2020.

Some IVAs registered on 30th and 31st January had not been input into the Insolvency Service administration systems at the time of data extraction for this publication. The number of registered IVAs for January 2023 is therefore likely to be an undercount. Any IVAs not yet counted will be included in next month’s publication.

Breathing Space Registrations

  • The numbers of Breathing Space registrations was not available for January 2023.

We publish a summary of the reports here each month. For advice relating to support, insolvency or recovery options, please contact Isobel Brett for further information and guidance.

* This content and data was reported in full in the Insolvency Service Statistics for January 2023 published  14th February  2023 – see the full report here:Commentary – Monthly Insolvency Statistics January 2023 – GOV.UK (www.gov.uk)