February Insolvencies Up 17% on Previous Year

IN FEBRUARY 2023 there was a total of 1,783 registered company insolvencies in England and Wales, according to official figures from the Insolvency Service.

February’s insolvencies comprised:

• 1,505 creditors’ voluntary liquidations (CVLs)
• 158 compulsory liquidations
• 108 administrations
• 12 company voluntary arrangements (CVAs)

Insolvencies Up 17%

Overall company insolvencies in February 2023 were 17% higher than insolvencies recorded in the same month last year and 33% higher compared to February 2020 (pre-pandemic).

In February 2023:

• CVLs were 13% higher when compared to February 2022 and 59% higher than in February 2020
• compulsory liquidations were twice the number in February 2022, but 32% lower than February 2020
• CVAs were four times higher when compared to February 2022, but 37% lower than February 2020
• administrations were similar to February 2022, but 27% lower than February 2020

Between 26 June 2020 and 28 February 2023, 42 companies obtained a moratorium and 12 companies had a restructuring plan registered at Companies House – two new procedures created by law in 2020.

Company Insolvency Statistics for Scotland & N Ireland

In Scotland, the Accountant in Bankruptcy, Scotland’s Insolvency Service reported that in February 2023 there were 81 company insolvencies in total, 11% higher than the number in February 2022.

In Northern Ireland, there were nine company insolvencies, half of the number in the previous year, according to the latest official figures.

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