Company insolvency statistics - Q3 2023

The July to September 2023 (Q3) company insolvency stats for England and Wales have been published by The Insolvency Service, together with related figures for Scotland and Northern Ireland.

Company insolvency statistics for England and Wales – Q3 2023

It should be noted that unlike monthly insolvency statistics, quarterly statistics are seasonally adjusted to account for seasonal variation in insolvencies across the year and allow for comparison to the most recent period within years.

After seasonal adjustment (where applicable), there were a total of 6,208 company insolvencies in England and Wales in Q3 2023, including:

4,965 creditors’ voluntary liquidations (CVLs)
735 compulsory liquidations
466 administrations
41 company voluntary arrangements (CVAs)
1 receivership

Total company insolvencies in Q3 2023 decreased by 2% from Q2 2023, but increased by 10% from the same quarter in the previous year.

In Q3 2023, CVLs accounted for 80% of all company insolvencies. The number of CVLs decreased by 4% in Q3 2023 from Q2 2023, but increased by 3% from Q3 2022. The numbers of CVLs in Q2 and Q3 2023 were the highest in the time series going back to 1960.

Moratoriums and restructuring plans

Between 26 June 2020 and 30 September 2023, 46 companies obtained a moratorium and 22 companies had a restructuring plan registered at Companies House, procedures created by Created by the Corporate Insolvency and Governance Act 2020.

Liquidation rate statistics for England and Wales – Q3 2023

In the four quarters ending Q3 2023:

1 in 191 companies were liquidated
the company liquidation rate was 52.4 per 10,000 active companies in England and Wales
the rate of company insolvencies in the 12 months ending Q3 2023 was higher than in the 12-month periods ending Q2 2023 and Q3 2022.

Industry sector insolvency findings for England and Wales – Q3 2023

The three industries (in accordance with SIC 2007) that experienced the highest number of insolvencies in the 12 months ending Q3 2023 were:

construction (4,272 insolvencies, 18% of cases with industry captured)
wholesale and retail trade and repair of vehicles (3,777 insolvencies, 16% of cases with industry captured)
accommodation and food services activities (3,477 insolvencies, 14% of cases with industry captured)

The construction industry tends to have the highest quarterly number of insolvencies of any industrial grouping.

Scotland company insolvency statistics – Q3 2023

The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers company insolvency in Scotland. They reported that in Q3 2023, there were 296 company insolvencies, 7% higher than the same quarter in 2022. Of the total company insolvencies in Scotland, there were:

107 compulsory liquidations
174 CVLs
15 administrations
0 CVAs
0 receiverships

Due to administrative differences, most company liquidations in Scotland are compulsory liquidations. This contrasts with England and Wales where creditors’ voluntary liquidations (CVLs) account for most company liquidations. Figures in Scotland are also not seasonally adjusted.

Northern Ireland company insolvency statistics – Q3 2023

In Northern Ireland in Q3 2023, there were 62 company insolvencies, an increase of 24% when compared to the same quarter of 2022. Of the total company insolvencies in Northern Ireland, there were:

23 CVLs
30 compulsory liquidations
8 CVAs
1 administration
0 administrative receiverships

Please note, the figures for Northern Ireland are not seasonally-adjusted.

Where can I see insolvency notices in The Gazette?

The Gazette is the primary source of both corporate insolvency and personal insolvency information in the UK and publishes this information in the form of insolvency notices, allowing transparency for the public, the credit industry and concerned individuals to quantify risk and inform creditors. You can view all corporate and personal insolvency notices on The Gazette website.

The Gazette also provides a Data Service which gives access to official intelligence on all UK businesses, corporate and personal insolvencies. Benefits of The Gazette’s data service include:

Bespoke reports - tailored around your specific business
Geo-targeted editions - available for specific geographical targeting (National, London, Belfast, Edinburgh)
Custom filters - specific custom attributes (company number, notice type, key terms)
Data at regular intervals - delivered at a rate to match your business needs (daily, weekly, monthly)

For more information on The Gazette’s data service, contact the team on 01603 985949 or email data@thegazette.co.uk.

Enquire now

Next insolvency statistics release

Figures for Q4 2023 will be released on 30 January 2024.

Find out more

Company Insolvency Statistics, July to September 2023 (GOV.UK)

The Insolvency Service (GOV.UK)

Accountant in Bankruptcy (AiB)

Images

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Publication date

31 October 2023