Monthly Insolvency Statistics, August 2021
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 August 2021 was 1,348:
- 71% higher than the number registered in the same month in the previous year (788 in August 2020), and
- similar to the number registered two years previously (pre-pandemic; 1,366 in August 2019).
In August 2021 there were 1,256 Creditors’ Voluntary Liquidations (CVLs), which is the highest level seen in the series since January 2019. The number of registered company insolvencies was similar to pre-pandemic levels, driven by a higher number of CVLs, although other types of company insolvencies, such as compulsory liquidations, remained lower.
For individuals, 614 bankruptcies were registered, which was 22% lower than August 2020 and 54% lower than August 2019.
There were 1,714 DROs registered, which was 29% higher than August 2020 but remained lower than pre-pandemic levels (12% lower than in August 2019). Changes were made to the eligibility criteria on 29 June, including an increase in the level of debt at which people can apply for a DRO from £20,000 to £30,000.
There were, on average, 7,021 IVAs registered per month in the three-month period ending August 2021, which is 44% higher than the three-month period ending August 2020 and 4% higher than the three-month period ending August 2019. Note that the IVA series is historically volatile as it is based on date of registration at the Insolvency Service (see the Methodology and data quality section for more information).
Between the launch of the Breathing Space scheme on 4 May 2021, and 31 August 2021, there were 22,151 registrations, comprised of 21,884 Standard breathing space registrations and 267 Mental Health breathing space registrations.