Insolvency statistics released for March 2023

Posted By: on 19th April 2023

The number of registered company insolvencies in March 2023 was 2,457,

  • 16% higher than in the same month in the previous year (2,120 in March 2022)

There were 288 compulsory liquidations in March 2023, which is more than twice the number in March 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 March 2023 there were 2,011 Creditors’ Voluntary Liquidations (CVLs), 9% higher than in March 2022. Numbers of administrations and Company Voluntary Arrangements (CVAs) were also higher than in March 2022.

Of the 2,457 registered company insolvencies in March 2023:

  • There were 2,011 CVLs, which is 9% higher than in March 2022;
  • 288 were compulsory liquidations, which is more than twice the number in March 2022;
  • 13 were CVAs, which is 44% higher than March 2022;
  • There were 145 administrations, which is 12% higher than March 2022;
  • There were no receivership appointments.

 

Individuals

For individuals, 672 bankruptcies were registered, which was 2% higher than in March 2022, but less than half of pre-2020 levels.

There were 3,383 Debt Relief Orders (DROs) in March 2023, which was 35% higher than March 2022. Monthly DRO numbers may be volatile at present due to the introduction of new DRO hubs.

There were, on average, 6,100 Individual Voluntary Arrangements (IVAs) registered per month in the three-month period ending March 2023, which is 14% lower than the three-month period ending March 2022.

 

Breathing Space Registrations

  • There were 8,282 Breathing Space registrations in March 2023, which is 32% higher than the number registered in March 2022. 8,110 were Standard breathing space registrations, which is 32% higher than in March 2022, and 172 were Mental Health breathing space registrations, which is 41% higher than the number in March 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 March 2023 published  18th April 2023 – see the full report here:https://www.gov.uk/government/statistics/monthly-insolvency-statistics-march-2023/commentary-monthly-insolvency-statistics-march-2023