Monthly Insolvency Statistics, March 2023
Monthly company and individual insolvency statistics for England and Wales, as well as Northern Ireland, and monthly company statistics for Scotland. For England and Wales, Breathing Space scheme statistics and the numbers of company moratoriums and restructuring plans are also included.
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Main Messages for England and Wales
The number of registered company insolvencies in March 2023 was 2,457, 16% higher than in the same month in the previous year (2,120 in March 2022). This was higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers.
There were 288 compulsory liquidations in March 2023, which is more than twice the number in March 2022. Numbers of compulsory liquidations have increased from historical lows seen during the coronavirus pandemic, partly as a result of an increase in winding-up petitions presented by HMRC.
In March 2023 there were 2,011 Creditors’ Voluntary Liquidations (CVLs), 9% higher than in March 2022. Numbers of administrations and Company Voluntary Arrangements (CVAs) were also higher than in March 2022.
For individuals, 672 bankruptcies were registered, which was 2% higher than in March 2022, but less than half of pre-2020 levels.
There were 3,383 Debt Relief Orders (DROs) in March 2023, which was 35% higher than March 2022. Monthly DRO numbers may be volatile at present due to the introduction of new DRO hubs.
There were, on average, 6,100 Individual Voluntary Arrangements (IVAs) registered per month in the three-month period ending March 2023, which is 14% lower than the three-month period ending March 2022.
The numbers provided in this publication are not seasonally adjusted and changes between consecutive months may not indicate overall trends. Therefore, in this publication we compare to the same calendar month in the previous year. Seasonally adjusted figures that more accurately measure trends over time are available in the quarterly insolvency statistics.