Monthly Insolvency Statistics, December 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 December 2023 was 2,002, 2% higher than in the same month in the previous year (1,965 in December 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 153 compulsory liquidations, 1,731 creditors’ voluntary liquidations (CVLs), 103 administrations and 15 company voluntary arrangements (CVAs). CVL numbers were higher than in December 2022, while compulsory liquidation and administration numbers were lower.
For individuals, the total number of insolvencies in December 2023 was 6,584, 20% lower than in the same month in the previous year (8,254 in December 2022).
The individual insolvencies consisted of 496 bankruptcies, 2,472 debt relief orders (DROs) and 3,616 individual voluntary arrangements (IVAs). The lower number of individual insolvencies compared to December 2022 was driven by a 38% decline in the number of IVAs. IVA numbers in 2023 were lower than in 2022, which saw a record high annual number. DRO and bankruptcy numbers were higher than last year, with DROs in December 2023 being 25% higher than in December 2022, although the number of bankruptcies remained well below pre-2020 levels.