Insolvency statistics released for May 2023
The number of registered company insolvencies in May 2023 was 2552, 40% higher than in the same month in the previous year and a leap of 51% on April’s figures.
The number of company insolvencies in May 2023 was 40% higher than the number in May 2022. The increase in company insolvencies compared to the same month last year was driven by an increase in the number of CVLs, which are the most common type of company insolvency, although the number of compulsory liquidations, administrations and CVAs also increased in comparison to the same month last year. The increase in compulsory liquidations is partly as a result of an increase in winding-up petitions presented by HMRC.
- Of the 2,552 registered company insolvencies in May 2023:
- There were 2,181 CVLs, which is 38% higher than in May 2022;
- 189 were compulsory liquidations, which is 34% higher than May 2022;
- 31 were CVAs, which is 121% higher than May 2022;
- There were 151 administrations, which is 80% higher than May 2022;
- There were no receivership appointments.
Individuals
For individuals, 617 bankruptcies were registered, which was 5% higher than in May 2022, and around half of pre-2020 levels.
There were 2,505 Debt Relief Orders (DROs) in May 2023, which was 23% higher than May 2022. Monthly DRO numbers may be volatile at present due to the introduction of new DRO hubs.
There were, on average, 6,767 Individual Voluntary Arrangements (IVAs) registered per month in the three-month period ending May 2023, which is 14% lower than the three-month period ending May 2022.
Breathing Space Registrations
- There were 6,683 Breathing Space registrations in May 2023, which is 16% higher than the number registered in May 2022. 6,609 were Standard breathing space registrations, which is 17% higher than in May 2022, and 74 were Mental Health breathing space registrations, which is 33% lower than the number in May 2022.
We publish a summary of the reports here each month. For advice relating to support, insolvency or recovery options, please contact Isobel Brett for further information and guidance.
* This content and data was reported in full in the Insolvency Service Statistics for May 2023 published 16th June 2023 – see the full report here