Monthly Insolvency Statistics, May 2022
Monthly company and individual insolvency statistics for England and Wales, as well as Northern Ireland, and monthly company statistics for Scotland, in response to the coronavirus (COVID-19) pandemic. For England and Wales, Breathing Space scheme statistics and the numbers of company moratoriums and restructuring plans are also included.
Documents
Details
The number of registered company insolvencies in May 2022 was 1,817:
- 79% higher than in the same month in the previous year (1,014 in May 2021), and
- 34% higher than the number registered three years previously (pre-pandemic; 1,352 in May 2019).
In May 2022 there were 1,584 Creditors’ Voluntary Liquidations (CVLs), 70% higher than in May 2021 and 66% higher than May 2019. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were four times as many compulsory liquidations in May 2022 compared to May 2021, and the number of administrations was 95% higher than a year ago.
For individuals, 566 bankruptcies were registered, which was 23% lower than in May 2021 and 61% lower than May 2019.
There were 2,030 Debt Relief Orders (DROs) in May 2022, which was 33% higher than in May 2021 but 11% lower than the pre-pandemic comparison month (May 2019). The increase compared to last year is linked to changes to the eligibility criteria on 29 June 2021 including an increase in the level of debt at which people can apply for a DRO from £20,000 to £30,000. In the 11 months since the change in DRO eligibility criteria, an estimated 7,787 individuals have had a DRO approved who would not have previously been eligible.
There were, on average, 7,812 IVAs registered per month in the three-month period ending May 2022, which is 6% higher than the three-month period ending May 2021, and 10% higher than the three-month period ending May 2019. IVA numbers have ranged from around 6,300 to 7,800 per month over the past year.
There were 5,749 Breathing Space registrations in May 2022, which is 6% lower than the number registered in May 2021. 5,638 were Standard breathing space registrations, which is 7% lower than in May 2021, and 111 were Mental Health breathing space registrations, which is 136% higher than the number in May 2021.