Monthly Insolvency Statistics, November 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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The number of registered company insolvencies in November 2023 was 2,466, 21% higher than in the same month in the previous year (2,032 in November 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.
The company insolvencies consisted of 359 compulsory liquidations, 1,962 creditors’ voluntary liquidations (CVLs), 133 administrations and 12 company voluntary arrangements (CVAs). The increase in company insolvencies compared to November 2022 was driven by CVLs and compulsory liquidation numbers, while administration numbers remained similar to November 2022 at slightly less than 2019 levels.
For individuals, the total number of insolvencies in November 2023 was 8,243, 21% lower than in the same month in the previous year (10,478 in November 2022).
The individual insolvencies consisted of 661 bankruptcies, 3,290 debt relief orders (DROs) and 4,292 individual voluntary arrangements (IVAs). The lower number of individual insolvencies compared to November 2022 was driven by a 44% decline in the number of IVAs. IVA numbers in 2023 to date have been lower than in 2022, which saw a record high annual number. DRO and bankruptcy numbers were higher than last year, with DROs in November 2023 being 45% higher than in November 2022, although the number of bankruptcies remained well below pre-2020 levels.