Monthly Insolvency Statistics, September 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 September 2023 was 1,967, 17% higher than in the same month in the previous year (1,688 in September 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 255 compulsory liquidations, 1,576 creditors’ voluntary liquidations (CVLs), 125 administrations and 11 company voluntary arrangements (CVAs). Numbers of compulsory liquidations, CVLs and administrations were all higher than in September 2022.
For individuals, the total number of insolvencies in September 2023 was 7,271, 27% lower than in the same month in the previous year (10,024 in September 2022).
The individual insolvencies consisted of 671 bankruptcies, 2,913 debt relief orders (DROs) and 3,687 individual voluntary arrangements (IVAs). The number of registered IVAs in September 2023 was less than half the number in September 2022, likely in part because of an unusually large number of late registrations of IVAs approved in August and September. Nonetheless, the overall trend is that 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, although the number of bankruptcies remained less than half of pre-2020 levels.