Monthly Insolvency Statistics, February 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.
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The number of registered company insolvencies in February 2022 was 1,515:
- More than double the number registered in the same month in the previous year (685 in February 2021), and
- 13% higher than the number registered two years previously (pre-pandemic; 1,346 in February 2020).
In February 2022 there were 1,329 Creditors’ Voluntary Liquidations (CVLs), more than double the number in February 2021, and 40% higher than in February 2020. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were more than twice as many compulsory liquidations and almost double the number of administrations in February 2022 compared to February 2021.
For individuals, 588 bankruptcies were registered, which was 36% lower than in February 2021 and 62% lower than February 2020.
There were 2,242 Debt Relief Orders (DROs) in February 2022. Following 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, DRO numbers were higher between July 2021 and February 2022 than in previous months since the start of the COVID-19 pandemic. The number of DROs registered in February 2022 was 61% higher than in February 2021 but remained lower than pre-pandemic levels (6% lower than in February 2020).
There were, on average, 6,384 IVAs registered per month in the three-month period ending February 2022, which is 4% higher than the three-month period ending February 2021, and 15% higher than the three-month period ending February 2020. IVA numbers have remained fairly stable at around 6,000 to 7,000 per month over the past year.
Between the launch of the Breathing Space scheme on 4 May 2021, and 28 February 2022, there were 52,201 registrations, comprised of 51,415 Standard breathing space registrations and 786 Mental Health breathing space registrations.