Monthly Insolvency Statistics, June 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 June 2022 was 1,691:
- 40% higher than in the same month in the previous year (1,207 in June 2021), and
- 15% higher than the number registered three years previously (pre-pandemic; 1,467 in June 2019).
In June 2022 there were 1,456 Creditors’ Voluntary Liquidations (CVLs), 30% higher than in June 2021 and 44% higher than June 2019. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were 3.6 times as many compulsory liquidations in June 2022 as in June 2021, and the number of administrations was 2.3 times higher than a year ago.
For individuals, 471 bankruptcies were registered, which was 37% lower than in June 2021 and 64% lower than June 2019.
There were 1,815 Debt Relief Orders (DROs) in June 2022, which was 28% higher than in June 2021 but 14% lower than the pre-pandemic comparison month (June 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 12 months since the change in DRO eligibility criteria, an estimated 8,628 individuals have had a DRO approved who would not have previously been eligible.
There were, on average, 7,575 IVAs registered per month in the three-month period ending June 2022, which is 6% higher than the three-month period ending June 2021, and 17% higher than the three-month period ending June 2019. IVA numbers have ranged from around 6,300 to 7,800 per month over the past year.
There were 5,772 Breathing Space registrations in June 2022, which is 2% higher than the number registered in June 2021. 5,687 were Standard breathing space registrations, which is 2% higher than in June 2021, and 85 were Mental Health breathing space registrations, which is 35% higher than the number in June 2021.