Accredited official statistics

Commentary - Company Insolvency Statistics October to December 2022

Published 31 January 2023

Released

31 January 2023

Next release

28 April 2023

Media enquiries

Jason Raj

+44 (0)33 3032 9366

Statistical enquiries

Stacey Witchell (author)

statistics@insolvency.gov.uk

David Webster (responsible statistician)

1. Main messages for England and Wales

1.1 Annual summary for 2022

• One in 202 active companies (at a rate of 49.5 per 10,000 active companies) entered insolvent liquidation in 2022. This was an increase from the 32.9 per 10,000 active companies that entered liquidation in 2021, and was higher than the 41.9 per 10,000 in 2019 (before the coronavirus (COVID-19) pandemic).

• The liquidation rate in 2022 was the highest liquidation rate since Q3 2015, but was lower than the recessionary peak of 94.7 per 10,000 in 2009.

• The total number of company insolvencies registered in 2022 was 22,109, as shown in Figure 1, which was the highest number since 2009 and 57% higher than 2021.

• The increase compared to 2021 was driven by the highest annual number of Creditors’ Voluntary Liquidations (CVLs) since the start of the series in 1960. The number of CVLs in 2022 was approximately 21% higher than if the pre-pandemic trend had continued.

• The annual number of compulsory liquidations was higher than the record low number in 2021 but remained below pre-pandemic levels.

• Administrations were higher than 2021 but lower than pre-pandemic levels. CVAs were similar to 2021 but lower than pre-pandemic levels.

• Increases in insolvencies were seen across most industries in 2022 compared to 2021.

Figure 1: Registered company insolvencies in 2022 were the highest since 2009, driven by a historically high number of CVLs and an increase in compulsory liquidations.

England and Wales, 2002 to 2022

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

Peaks in ‘Other insolvencies’ in 2006 and 2008 are due to large numbers of connected managed service companies entering administration on the same day in Q4 2006 and Q3 2008.

The long-term series back to Q1 1984 (where applicable) can be found in the CSV file that accompanies this release. Record level data back to Q1 2012 (where available) can also be found in a separate CSV file published alongside this release. Data back to 1960 for liquidation numbers can be found at the Insolvency Statistics archive.

From the start of the coronavirus (COVID-19) pandemic until mid-2021, numbers of company insolvencies were low when compared with pre-pandemic levels. This is likely to have been driven in part by Government fiscal and other measures that were put in place to support businesses and individuals during this time. In 2022 CVLs exceeded pre-pandemic levels, but compulsory liquidations, administrations and CVAs remained lower than pre-pandemic (2019) levels.

1.2 Quarterly summary for Q4 2022

• Between 1 October and 31 December 2022 (Q4 2022), there were 5,995 (seasonally adjusted) registered company insolvencies, comprising 4,891 creditors’ voluntary liquidations (CVLs), 720 compulsory liquidations, 359 administrations and 25 company voluntary arrangements (CVAs). There were no receivership appointments.

• After seasonal adjustment, the number of company insolvencies in Q4 2022 was 7% higher than in Q3 2022 and 30% higher than in Q4 2021. The number of CVLs remained close to the highest quarterly level since the start of the series in 1960 (Q2 2022). The number of compulsory liquidations also increased to the highest quarterly number since the start of the coronavirus (COVID-19) pandemic, partly as a result of an increase in winding-up petitions presented by HMRC and due to a high number of petitions from a single bank.

2. Things you need to know about this release

This statistics release contains the latest data on company insolvency in the UK, presenting the numbers of companies which have entered a formal insolvency procedure after being unable to pay their debts. Information is presented separately for England and Wales, Scotland and Northern Ireland.

The Insolvency Service separately publishes monthly statistics to provide more up to date information on the numbers of company and individual insolvencies during this time of economic uncertainty. However, they have not replaced the quarterly National Statistics, since the information presented on a monthly basis is less detailed and is less reliable for monitoring changes in trends over time. Note that the monthly statistics on company insolvencies may not be consistent with data presented within this statistical release.

Underlying data for these quarterly statistics for England and Wales were adjusted where there was evidence of seasonality, to account for variation in company insolvencies across the year and allow for comparison to the most recent period within years. Data for Scotland and Northern Ireland were not adjusted. The seasonal adjustment models are typically reviewed on an annual basis. In accordance with the outcome of the April 2022 Seasonal Adjustment Review, CVLs and administrations were seasonally adjusted.

Quarters referred to in this publication are calendar year quarters, such that Q4 2022 is the period from 1 October to 31 December 2022.

2.1 Designation as National Statistics

The United Kingdom Statistics Authority has designated these statistics as National Statistics, in accordance with the Statistics and Registration Service Act 2007 and signifying compliance with the Code of Practice for Statistics. Once statistics have been designated as National Statistics it is a statutory requirement that the Code of Practice shall continue to be observed.

The last compliance review was conducted in July 2019.

Designation can be broadly interpreted to mean that the statistics meet identified user needs; are well explained and readily accessible; are produced according to sound methods, and are managed impartially and objectively in the public interest.

3. Company insolvency in England and Wales

3.1 Numbers of company insolvencies - annual summary

The total number of company insolvencies registered in 2022 was 22,109 (seasonally adjusted), which was the highest number since 2009 and 57% higher than 2021. The number of CVLs in 2022 was the highest annual number in the time series since records began in 1960. Compulsory liquidations and the number of administrations were higher than 2021 but remained lower than pre-pandemic levels. Numbers for other insolvency types were similar to 2021 but lower than pre-pandemic levels.

Creditors’ voluntary liquidations (CVLs) were the most common company insolvency procedure (85% of cases), followed by compulsory liquidations (9% of cases), administrations (6% of cases) and company voluntary arrangements (CVAs; 1% of cases).

While creditors’ voluntary liquidations (CVLs) were also the most common company insolvency procedure before the coronavirus pandemic, the relative proportions of insolvency types have changed. In 2019, CVLs accounted for 70% of cases, followed by compulsory liquidations (17% of cases), administrations (11% of cases) and CVAs (2% of cases).

CVL numbers were low in 2020 and in the first half of 2021 while government support measures were in place, compared to historical levels.

The long-term series prior to 2018 can be found in the Excel and CSV files that accompany this release.

Table 1: The total number of registered company insolvencies in 2022 was higher than 2021 and higher than recent pre-pandemic levels.

England and Wales, 2018 to 2022

Year	Total company insolvencies	Compulsory liquidations	CVLs	Administrations	CVAs	Receiverships
2018	16,050	3,088	11,143	1,463	355	1
2019	17,164	2,943	12,056	1,813	351	1
2020	12,632	1,354	9,488	1,527	260	3
2021	14,059	491	12,656	796	115	1
2022	22,109	1,945	18,821	1,231	111	1
Percentage change, 2022 compared with:
2021	57%	296%	49%	55%	-3%	[z]
2020	75%	44%	98%	-19%	-57%	[z]

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

[z] indicates percentage changes are not applicable as these have not been calculated where both numbers are less than five.

Figure 1 (repeated from above): Registered company insolvencies in 2022 were the highest since 2009, driven by a record high number of CVLs in 2022 and an increase in compulsory liquidations.

England and Wales, 2002 to 2022

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

3.2 Numbers of company insolvencies - quarterly summary

Unlike the monthly statistics, quarterly statistics are seasonally adjusted to account for seasonal variation in insolvencies across the year and allow for comparison to the most recent period within years.

After seasonal adjustment (where applicable), there were 5,995 company insolvencies registered in Q4 2022, which was the highest total since Q4 2008. This was 30% higher than during the same quarter in the previous year and 7% higher than in the previous quarter (Q3 2022).

A summary of company insolvencies since Q4 2021 can be found in Table 2 below. The long-term series prior to Q4 2021 can be found in the Excel and CSV files that accompany this release.

Table 2: The numbers of registered company insolvencies in each of the last three quarters were the highest since Q4 2008.

England and Wales, Q4 2021 to Q4 2022, seasonally adjusted

	Total company insolvencies	Compulsory liquidations	CVLs	Administrations	CVAs	Receiverships
2021Q4	4,617	158	4,159	267	33	0
2022Q1	4,838	340	4,199	274	25	0
2022Q2	5,655	382	4,917	323	32	1
2022Q3	5,621	503	4,815	274	29	0
2022Q4	5,995	720	4,891	359	25	0
Percentage change, latest quarter (Q4 2022) compared with:
vs 2022Q3	7%	43%	2%	31%	-14%	[z]
vs 2021Q4	30%	356%	18%	34%	-24%	[z]

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

[z] indicates percentage changes are not applicable as these have not been calculated where both numbers are less than five.

There was a gradual increase in the number of registered company insolvencies between 2017 and 2019, followed by a sudden drop in Q2 2020 coinciding with the start of the coronavirus pandemic, but numbers have since increased throughout 2021 and 2022 to the highest level since Q4 2008.

Figure 2: Registered company insolvencies increased during 2021 and 2022, reaching the highest quarterly number since Q4 2008.

England and Wales, Q4 2017 to Q4 2022, seasonally adjusted

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

3.3 CVLs

In 2022, CVLs increased by 49% from 2021 to the highest annual number since the start of the time series in 1960. They accounted for 85% of all company insolvencies. CVLs had been increasing at approximately 10% per year pre-pandemic (between 2017 and 2019), followed by a decrease at the start of the pandemic (2020), then a subsequent increase to 56% above pre-pandemic (2019) numbers in 2022. The number of CVLs in 2022 was approximately 21% higher than if the pre-pandemic trend had continued.

In Q4 2022, CVLs accounted for 82% of all company insolvencies. The number of CVLs increased by 2% from Q3 2022, and was 18% higher than during the same quarter last year, after seasonal adjustment. The number of CVLs have stayed approximately constant over the past three quarters at a record-high level.

3.4 Compulsory liquidations

The number of compulsory liquidations in 2022 was nearly four times higher than the record low number in 2021 (296% higher), but 34% lower than in 2019 (pre-pandemic levels). Temporary insolvency measures in response to the coronavirus pandemic, including restrictions on the use of statutory demands and certain winding-up petitions (leading to compulsory liquidations) ended on 31 March 2022.

The number of compulsory liquidations in Q4 2022 was 43% higher than in the previous quarter and four and a half times as high (356% higher) as in Q4 2021. This is the highest quarterly number since the start of the pandemic and similar to 2019 (pre-pandemic) numbers.

3.5 Administrations

The number of administrations in 2022 was 55% higher than in 2021, but 32% lower than in 2019.

The number of administrations in Q4 2022 was 31% higher than the previous quarter, and 34% higher than the number in the same quarter of the 2021, after seasonal adjustment.

Unlike other insolvency types, there was not a large decline in numbers of administrations at the start of the pandemic (March 2020). However, the number of administrations dropped in 2021 to the lowest annual level since 2003, before increasing in 2022, but still remaining below pre-pandemic (2019) and 2020 levels.

3.6 CVAs

The number of CVAs in 2022 was 3% lower than in 2021, and 68% lower than in 2019. The annual number was the lowest since 1993.

The number of CVAs was 14% lower in Q4 2022 than in Q3 2022, and 24% lower than Q4 2021.

3.7 Receivership appointments

There was one receivership appointment in 2022. Receivership appointments are now rare (see Glossary for more information).

There were no receivership appointments in Q4 2022.

3.8 Moratoriums and restructuring plans

Between 26 June 2020 and 31 December 2022, 40 companies obtained a moratorium and 12 companies had a restructuring plan registered at Companies House. These two procedures were created by the Corporate Insolvency and Governance Act 2020.

3.9 Liquidation rates per 10,000 active companies

Note that the liquidation rates include insolvent liquidations only, Members Voluntary Liquidations (MVLs) are excluded from these statistics. See Companies House statistics for more information on MVLs.

In 2022, the company liquidation rate was 49.5 per 10,000 active companies in England and Wales (Table 3 and Figure 3 below). This corresponds to 1 in 202 companies entering liquidation in that year. This was higher than in the 12-month periods ending Q3 2022 and Q4 2021, and is the highest rate since the 12 months ending Q1 2015.

The insolvency rate gives an indication of the probability of a company entering liquidation in the previous four quarters. As the rates are calculated as a proportion of the total number of active companies, they are more comparable over longer time periods than the absolute numbers.

The rates presented for each quarter reflect a four-quarter rolling rate per 10,000 active companies. Therefore, the Q4 2022 rates, for example, were calculated using data covering the period Q1 2022 to Q4 2022.

Table 3: The rate of company liquidations in 2022 was higher than in both 2021 and the 12-month period ending Q3 2022, as a result of an increased rate of CVLs and compulsory liquidations.

England and Wales, four-quarter rolling rate per 10,000 active companies

	Total liquidations	Compulsory Liquidations	CVLs	CVL following Administration
2021Q4	32.9	1.2	30.6	1.2
2022Q1	38.9	1.7	36.3	0.9
2022Q2	43.9	2.4	40.7	0.8
2022Q3	46.9	3.3	43	0.7
2022Q4	49.5	4.6	44.3	0.6
Change in rate per 10,000 active companies, 12 months ending latest quarter (Q4 2022) compared with:
vs 2022Q3	2.6	1.3	1.4	-0.1
vs 2021Q4	16.6	3.4	13.7	-0.5

Source: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

Change in rate numbers may not equal the difference in rates presented due to rounding.

The long-term series back to Q1 1984 (where applicable) can be found in the CSV file that accompanies this release.

In 2022:

• The rate of compulsory liquidation increased by 1.3 per 10,000 active companies from the 12-month period ending Q3 2022, and was 3.4 higher than in 2021;
• the rate of CVLs rose by 1.4 from the 12-month period ending Q3 2022, and by 13.7 from the previous year; and
• the rate of CVLs after administration was 0.1 lower than the 12-month period ending Q3 2022 and 0.5 lower than 2021. Note that CVLs following administration are not new insolvency procedures, and are counted as administrations in Table 1.

Figure 3: The liquidation rate in 2022 was higher than pre-pandemic levels, driven by a higher rate of CVLs and compulsory liquidations.

England and Wales, Q4 2012 to Q4 2022, four-quarter rolling rate per 10,000 active companies

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

Historically, changes in company liquidation rates have been related to economic conditions. In periods of economic growth, liquidation rates tend to decrease. During and shortly after recessions, the liquidation rate tends to increase. In the past 40 years, the liquidation rate peaked in the 12 months ending March 1993, shortly after the end of the early 1990s recession. The next sustained increase in the rate coincided with the 2008-09 recession, with a peak in the 12 months ending December 2009 (see Figure 4). The overall decline in liquidation rates over time has coincided with an increase in the number of companies on the Companies House register.

The recent recession coinciding with the coronavirus pandemic did not follow this pattern, with the liquidation rate decreasing during 2020. This is likely in part as a result of the Government measures taken to support business. For example, the Corporate Insolvency and Governance Act 2020 suspended the serving of statutory demands between 1 March 2020 and 30 September 2021 and restricted winding-up petitions where unpaid debt was due to COVID-19. It also suspended rules relating to personal liability for directors for wrongful trading between 1 March 2020 and 30 June 2021. More detail can be found in the House of Commons Library briefing. The Government also contributed to wages of furloughed employees between 1 March 2020 and 30 September 2021 through the Coronavirus Job Retention Scheme. The phasing out of these measures in the second half of 2021 coincided with an increase in the liquidation rate.

Figure 4: Recessions are generally associated with increased liquidation rates. However, during the coronavirus-related recession the rate decreased.

England and Wales, Q4 1984 to Q4 2022

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

3.10 Company insolvencies by industry (SIC 2007)

The following analysis excludes insolvencies where the company industry was unknown, non-trading or dormant (319 in 2022, compared to 169 in 2021). In some cases, confirmation of industry sector for compulsory liquidations may be delayed by one quarter or more and therefore insolvency numbers by industry are provisional.

Note that the numbers of insolvencies in these categories are likely to be partly driven by the number of active companies in a given category and do not reflect the relative likelihood of companies in each industry entering insolvency.

The five industries (in accordance with SIC 2007) that experienced the highest number of insolvencies in 2022 were:

• Construction (4,143, 19% of cases with industry captured);

• Wholesale and retail trade; repair of motor vehicles and motorcycles (3,263, 15% of cases with industry captured);

• Accommodation and food service activities (2,704, 12% of cases with industry captured);

• Administrative and support service activities (2,212, 10% of cases with industry captured); and

• Professional, scientific and technical activities (1,799, 8% of cases with industry captured); and

The construction industry usually has the highest quarterly number of insolvencies of any industrial grouping. As shown in Figure 5, the industries with the largest number of insolvencies (in 2022) have shown relatively similar trends over the past ten years.

Figure 5: The trend over time in the number of insolvencies in each industry has been relatively consistent between sectors.

Number of insolvencies in the top five sectors in 2022, England and Wales, 2012 to 2022

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

All industries saw increased insolvency numbers in 2022 compared to 2021, as shown in Figure 6. For the larger sectors (those accounting for at least 5% of insolvencies), increases ranged from 31% in Professional, scientific and technical activities to 89% in Wholesale & retail trade; repair of vehicles.

Figure 6: All industries saw increased insolvencies in 2022 compared to 2021

England and Wales, 2021 to 2022

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures)

4. Company insolvency in Scotland

Legislation relating to company insolvency in Scotland is devolved. The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers company insolvency in Scotland. The figures below are not seasonally adjusted.

In Q4 2022, there were 313 total company insolvencies in Scotland, 19% higher than in the same quarter of 2021 and the highest number since Q4 2011. These comprised 83 compulsory liquidations, 212 CVLs, 17 administrations and one CVA. There were no receivership appointments. These numbers are shown in Figure 7.

Figure 7: Company insolvencies were higher in Q4 2022 than in the same quarter last year, and were higher than pre-pandemic levels

Scotland, Q4 2012 to Q4 2022, not seasonally adjusted

Source: Companies House

Historically, the numbers of company insolvencies in Scotland have been driven by compulsory liquidations. However, since the beginning of the COVID-19 pandemic, there have been nearly three times as many CVLs as compulsory liquidations.

Between 26 June 2020 and 31 December 2022, in Scotland, no moratoriums were obtained and two companies had a restructuring plan registered at Companies House. These two procedures were created by the Corporate Insolvency and Governance Act 2020.

The total liquidation rate in Scotland in 2022 was 45.7 per 10,000 active companies, as shown in Figure 8. This was up by 12.9 (from a rate of 32.8 per 10,000 active companies) from 2021.

Figure 8: Overall liquidation rates in Scotland increased in 2022 compared to 2021

Scotland, Q4 2012 to Q4 2022, four-quarter rolling rate per 10,000 active companies

Source: Companies House

5. Company insolvency in Northern Ireland

Company insolvency in Northern Ireland is governed by separate, but broadly similar, legislation to England and Wales, and so figures are presented separately.

There were 50 company insolvencies in Northern Ireland in Q4 2022, an increase of 56% from the same quarter of 2021. This comprised 39 CVLs, four compulsory liquidations, five administrations and two CVAs. There were no administrative receiverships. These numbers can be seen in Figure 9.

Figure 9: Company insolvencies in Northern Ireland remained lower than pre-pandemic levels

Northern Ireland, Q4 2012 to Q4 2022, not seasonally adjusted

Sources: Department for the Economy, Northern Ireland (compulsory liquidations only); Companies House (all other insolvency procedures)

The total liquidation rate in 2022 in Northern Ireland was 27.1 per 10,000 active companies, as shown in Figure 10. This is an increase of 13.0 (from a rate of 14.1 per 10,000 active companies) from 2021.

Figure 10: Liquidation rates in Northern Ireland were higher in 2022 than in 2021

Northern Ireland, Q4 2012 to Q4 2022, four-quarter rolling rate per 10,000 active companies

Sources: Department for the Economy, Northern Ireland (compulsory liquidations only); Companies House (all other insolvency procedures)

6. Data and Methodology

6.1 Data Sources

Company insolvency data were sourced from Companies House, except for compulsory liquidation data for England and Wales which were sourced from the Insolvency Service, and compulsory liquidation data for Northern Ireland which were sourced from the Department for the Economy.

Companies House data were used to determine the number of active companies registered in each quarter in the previous twelve months, to calculate insolvency rates. These data are separately published by Companies House on the Gov.uk website.

More information on the administrative systems used to compile insolvency statistics can be found in the Quarterly Statistics Methodology and Quality document.

6.2 Methodology and data quality

Seasonal adjustment

To aid comparison between quarters, underlying data for CVLs and administrations in England and Wales were adjusted where there was evidence of seasonality to minimise the effect of the time of year and provide a true picture of the trends in insolvency. There was no evidence of seasonality in the underlying data on compulsory liquidations, CVAs and receiverships, therefore these data have not been adjusted. Full details on the models used to adjust the data can be found in the Seasonal Adjustment Review published in April 2022.

The data series for Scotland and Northern Ireland do not demonstrate consistent seasonality and only the unadjusted series have been presented, as agreed with the relevant officials in the devolved administrations.

Rates of insolvency

Insolvency rates were calculated for England and Wales, Scotland and Northern Ireland. The total number of companies entering insolvency in each location during the previous twelve months was divided by the mean average number of all active companies registered with Companies House in that location in the same twelve-month period.

6.3 Revisions

These statistics are subject to scheduled revisions, as set out in the published Revisions Policy. Other revisions tend to be made as a result of data being entered onto administrative systems after the cut-off date for data being extracted to produce the statistics. Any revisions to these statistics will be marked with an ‘[r]’ in the relevant table.

Further details on routine and non-routine revisions can be found in the accompanying Quarterly Statistics Methodology and Quality document.

7. Glossary

Key Terms used within this statistical bulletin

Term	Definition
Administration	The objective of administration is the rescue of the company as a going concern, or if this is not possible then to obtain a better result for creditors than would be likely if the company were to be wound up. A licensed insolvency practitioner, ‘the administrator’, is appointed to manage a company’s affairs, business and property for the benefit of the creditors.
Bulk Creditors’ voluntary liquidation	IR35 rules are intended to prevent the avoidance of tax and National Insurance contributions using personal service companies and partnerships. Between April 2016 and early 2019, following changes to the IR35 rules and/or changes in VAT flat rate, some directors of personal service companies had cited these changes as the primary reason that their company’s activities had become unviable, therefore leading to creditors’ voluntary liquidation (CVL) of large numbers of these companies. These additional CVLs are referred to as “bulk insolvencies”.
Company voluntary arrangement (CVA)	CVAs are another mechanism for business rescue. They are a voluntary means of repaying creditors some or all of what they are owed. Once approved by 75% or more of creditors, the arrangement is binding on all creditors. CVAs are supervised by licensed insolvency practitioners.
Compulsory liquidation	A winding-up order obtained from the court by a creditor, shareholder or director. See Liquidation for details on the process.
Creditors’ voluntary liquidation (CVL)	Shareholders of a company can themselves pass a resolution that the company be wound up voluntarily. See Liquidation for details on the process. Administrations which result in a Creditors’ Voluntary Liquidation are recorded separately by Companies House and are excluded from CVL figures as they do not represent a new company entering into an insolvency procedure for the first time. These cases are only ever recorded as Administrations.
Liquidation	Liquidation is a legal process in which a liquidator is appointed to ‘wind up’ the affairs of a limited company. The purpose of liquidation is to sell the company’s assets and distribute the proceeds to its creditors. At the end of the process, the company is dissolved – it ceases to exist. Statistics on compulsory liquidations and creditors’ voluntary liquidations are presented in these statistics. A third type of winding up, members’ voluntary liquidation is not included because it does not involve insolvency.
Moratorium	Moratoriums were introduced under the Corporate Insolvency and Governance Act 2020 to give struggling businesses formal breathing space in which to explore rescue and restructuring options, free from creditor or other legal action. Except in certain circumstances, no insolvency proceedings can be instigated against the company during the moratorium period. It also prevents legal action being taken against a company without permission from the court.
Partnership Winding-up Orders	This is similar to the liquidation of a company. When the partners have decided that the partnership has no viable future or purpose then a decision may be made to cease trading and wind up the partnership. There are two basic ways that the partnership can be wound up: the creditors petition and a partner’s petition.
Receivership Appointments	Administrative receivership is where a creditor with a floating charge (often a bank) appoints a licensed insolvency practitioner to recover the money it is owed. Before 2000 receivership appointments also included other, non-insolvency, procedures, for example under the Law of Property Act 1925. The use of this procedure is restricted to certain types of company, or to floating charges, created before September 2003.
Restructuring Plan	New restructuring measures were introduced under the Corporate Insolvency and Governance Act 2020 to support viable companies struggling with unmanageable debt obligations to restructure under a new procedure. They allow the court to sanction a plan that binds creditors to a restructuring plan if it is fair and equitable. Creditors vote on the plan, but the court can impose it on dissenting classes of creditors (‘cram down’) provided that the necessary conditions are met.
Standard Industrial Classification (SIC 2007)	Used in classifying business establishments and other statistical units by the type of economic activity in which they are engaged. Further information can be found on the ONS website