The number of registered company insolvencies in December 2022 was 32% higher than in the same month in the previous year (1,489 in December 2021), at 1,964, and 76% higher than the number registered three years previously (pre-pandemic; 1,119 in December 2019).
There were 183 compulsory liquidations in December 2022, more than three and a half times as many as in December 2021 and 8% higher than in December 2019. Numbers of compulsory liquidations have increased from historical lows seen during the coronavirus (COVID-19) pandemic, partly as a result of an increase in winding-up petitions presented by HMRC.
There were, on average, 7,233 Individual Voluntary Arrangements (IVAs) registered per month in the three-month period ending December 2022, which is 9% higher than the three-month period ending December 2021, and 26% higher than the three-month period ending December 2019. IVA numbers have ranged from around 6,300 to 7,800 per month over the past year.
There were 4,803 Breathing Space registrations in December 2022, which is 14% higher than the number registered in December 2021. 4,691 were Standard breathing space registrations, which is 15% higher than in December 2021, and 112 were Mental Health breathing space registrations, which is 8% higher than the number in December 2021.
The Insolvency Service is currently in the process of asking stakeholders to share their experience of using the Insolvency Service’s statistics publications and to identify where improvements are required.