Monthly Insolvency Statistics, March 2022
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 March 2022 was 2,114:
- More than double the number registered in the same month in the previous year (999 in March 2021), and
- 34% higher than the number registered three years previously (pre-pandemic; 1,582 in March 2019).
In March 2022 there were 1,844 Creditors’ Voluntary Liquidations (CVLs), more than double the number in March 2021 and 62% higher than March 2019. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were almost four times as many compulsory liquidations in March 2022 compared to March 2021, and the number of administrations was 74% higher than a year ago.
For individuals, 633 bankruptcies were registered, which was 39% lower than in March 2021 and 59% lower than March 2019.
There were 2,512 Debt Relief Orders (DROs) in March 2022. Following changes to the eligibility criteria on 29 June 2021 including an increase in the level of debt at which people can apply for a DRO from £20,000 to £30,000, DRO numbers were higher between July 2021 and March 2022 than in previous months since the start of the COVID-19 pandemic. The number of DROs registered in March 2022 was 58% higher than in March 2021 and for the first time since the start of the pandemic, the number of DROs was higher (by 3%) than the pre-pandemic comparison month (March 2019).
There were, on average, 7,136 IVAs registered per month in the three-month period ending March 2022, which is 12% higher than the three-month period ending March 2021, and 14% higher than the three-month period ending March 2019. IVA numbers have ranged from around 6,300 to 7,400 per month over the past year.
Between the launch of the Breathing Space scheme on 4 May 2021, and 31 March 2022, there were 58,463 registrations, comprised of 57,555 Standard breathing space registrations and 908 Mental Health breathing space registrations.