Insolvency statistics released for July 2023
The number of registered company insolvencies in July 2023 was 1,727, 6% lower than in the same month in the previous year (1,831 in July 2022). This was higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers.
There were 248 compulsory liquidations in July 2023, 81% higher than in July 2022. Numbers of compulsory liquidations have increased from historical lows seen during the coronavirus pandemic, partly as a result of an increase in winding-up petitions presented by HMRC.
In July 2023 there were 1,336 Creditors’ Voluntary Liquidations (CVLs), 17% lower than in July 2022. Numbers of administrations and Company Voluntary Arrangements (CVAs) were higher than in July 2022.
- Of the 1,727 registered company insolvencies in July 2023:
- There were 1,336 CVLs, which is 17% lower than in July 2022;
- 248 were compulsory liquidations, which is 81% higher than July 2022;
- 19 were CVAs, which is almost 4 times as many as July 2022;
- There were 124 administrations, which is 53% higher than July 2022;
- There were no receivership appointments.
For Individuals
There were 2,667 DROs and 620 bankruptcies in July 2023 in England & Wales.
The bankruptcies were made up of 495 debtor applications and 125 creditor petitions. Bankruptcies were 14% higher than in July 2022. Debtor applications were 7% higher and creditor petitions were 49% higher than July 2022. Bankruptcy numbers in the first seven months of 2023 were slightly higher than in the first seven months of 2022, but remained less than half of pre-2020 levels.
The number of DROs in July 2023 was 45% higher than July 2022. DRO numbers were volatile in early 2023 at the time of introduction of new DRO hubs and are now slightly higher than pre-2020 levels
Breathing Space Registrations
- In July 2023 there were 7,794 breathing space registrations. This is 28% higher than the number in July 2022.
Of the 7,794 Breathing Space registrations in July 2023:
- There were 7,660 Standard breathing space registrations, which is 28% higher than the number in July 2022.
- There were 134 Mental Health breathing space registrations, which is 14% higher than the number in July 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 July 2023 published 15th August 2023 – see the full report here