Insolvency statistics released for February 2023

Posted By: on 17th March 2023

Corporate insolvencies are 33% higher than pre-pandemic levels.

The number of registered company insolvencies in February 2023 was 1,783:

  • 17% higher than in the same month in the previous year (1,518 in February 2022), and
  • 33% higher than the number registered three years previously (pre-pandemic; 1,345 in February 2020).

There were 158 compulsory liquidations in February 2023, which is more than twice the number in February 2022, but 32% lower than in February 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 1,783 registered company insolvencies in February 2023:

  • There were 1,505 CVLs, which is 13% higher than in February 2022 and 59% higher than in February 2020;
  • 158 were compulsory liquidations, which is more than twice the number in February 2022, but 32% lower than February 2020;
  • 12 were CVAs, which is four times higher than February 2022, but 37% lower than February 2020;
  • There were 108 administrations, which is similar to February 2022, but 27% lower than February 2020;
  • There were no receivership appointments.

 

Individuals

For individuals, 580 bankruptcies were registered, which was 3% lower than in February 2022, and 63% lower than February 2020.

There were 2,083 Debt Relief Orders (DROs) in February 2023, which was 7% lower than February 2022 and 13% lower than the pre-pandemic comparison month (February 2020).

There were, on average, 5,627 Individual Voluntary Arrangements (IVAs) registered per month in the three-month period ending February 2023, which is 12% lower than the three-month period ending February 2022, but similar to the three-month period ending February 2020.

 

Breathing Space Registrations

  • There were 7,312 Breathing Space registrations in February 2023, which is 26% higher than the number registered in February 2022. 7,173 were Standard breathing space registrations, which is 26% higher than in February 2022, and 139 were Mental Health breathing space registrations, which is 58% higher than the number in February 2022.

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 February 2023 published  14th March 2023 – see the full report here:Commentary – Monthly Insolvency Statistics February 2023 – GOV.UK (www.gov.uk)