Monthly Insolvency Statistics, October 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 October 2021 was 1,405:
- 63% higher than the number registered in the same month in the previous year (864 in October 2020), but
- 5% lower than the number registered two years previously (pre-pandemic; 1,480 in October 2019).
In October 2021 there were 1,248 Creditors’ Voluntary Liquidations (CVLs), which is slightly higher than pre-pandemic levels. The number of registered company insolvencies was similar to pre-pandemic levels, driven by this higher number of CVLs, although other types of company insolvencies, such as compulsory liquidations, remained lower.
For individuals, 601 bankruptcies were registered, which was 44% lower than October 2020 and 57% lower than October 2019. The number of bankruptcies was the lowest monthly number since the start of the time series in January 2019.
There were 1,937 Debt Relief Orders (DROs) in October 2021. 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 and October 2021 than in previous months since the start of the COVID-19 pandemic. The number of DROs registered in October 2021 was 23% higher than October 2020 but remained lower than pre-pandemic levels (23% lower than in October 2019).
There were, on average, 7,031 IVAs registered per month in the three-month period ending October 2021, which is 14% higher than the three-month period ending October 2020 and 4% higher than the three-month period ending October 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 October 2021, there were 32,082 registrations, comprised of 31,651 Standard breathing space registrations and 431 Mental Health breathing space registrations.