Monthly Insolvency Statistics, October 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.
Documents
Details
The number of registered company insolvencies in October 2023 was 2,315, 18% higher than in the same month in the previous year (1,954 in October 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 256 compulsory liquidations, 1,889 creditors’ voluntary liquidations (CVLs), 146 administrations, 23 company voluntary arrangements (CVAs) and one receivership appointment. Numbers of compulsory liquidations, CVLs, CVAs and administrations were all higher than in October 2022.
For individuals, the total number of insolvencies in October 2023 was 9,881, 6% lower than in the same month in the previous year (10,528 in October 2022).
The individual insolvencies consisted of 703 bankruptcies, 3,245 debt relief orders (DROs) and 5,933 individual voluntary arrangements (IVAs). The lower number of individual insolvencies compared to October 2022 was driven by a 27% decline in the number of IVAs. IVA numbers in 2023 to date have been lower than the record-high numbers in 2022. DRO and bankruptcy numbers were higher than last year, with DROs in October 2023 being 71% higher than in October 2022, although the number of bankruptcies remained well below pre-2020 levels.