Monthly UK insolvency statistics - March 2023

In response to the coronavirus (COVID-19) pandemic, the individual and company March 2023 insolvency statistics for England and Wales have been published by the Insolvency Service, together with related insolvency figures for Scotland and Northern Ireland.

Insolvency statistics for England and Wales following coronavirus lockdown

The Insolvency Service has been releasing monthly company and individual insolvency statistics for England and Wales and Northern Ireland, as well as monthly company statistics for Scotland, throughout the coronavirus (COVID-19) pandemic, and for a period thereafter.

Company insolvency statistics for England and Wales – March 2023

In March 2023 there was a total of 2,457 registered company insolvencies in England and Wales, which included:

2,011 creditors’ voluntary liquidations (CVLs)
288 compulsory liquidations
145 administrations
13 company voluntary arrangements (CVAs)
0 receiverships

Overall company insolvencies in March 2023 were 16% higher when compared to March 2022.

In March 2023:

CVLs were 9% higher when compared to March 2022
compulsory liquidations were twice the number in March 2022
CVAs were 44% higher when compared to March 2022
administrations were 12% higher when compared to March 2022

Between 26 June 2020 and 31 March 2023, 42 companies obtained a moratorium and 20 companies had a restructuring plan registered at Companies House – two new procedures created by the Corporate Insolvency and Governance Act 2020.

Individual insolvency statistics for England and Wales – March 2023

In March 2023, there were:

672 bankruptcies (565 debtor applications and 107 creditor petitions)
3,383 DROs
6,100 IVAs registered (using a three-month rolling average)

Bankruptcies

Bankruptcies in March 2023 were 2% higher than in March 2022, with debtor applications 3% higher and creditor petitions 1% lower.

Debt relief orders

The number of DROs in March 2023 were 35% higher than in March 2022. It’s noted that DRO numbers may be volatile at present due to the introduction of new DRO hubs.

Individual voluntary arrangements

As individual voluntary arrangement (IVA) numbers have been calculated using different methodology, they are presented separately to debt relief orders (DROs) and bankruptcies. Due to volatile data, the Insolvency Service provided three-month rolling averages for IVAs, which indicate what the overall trend of IVA registrations might look like.

IVAs in March 2023 were 14% lower when compared to the average number of registered IVAs during the three months ending March 2022.

Company insolvency statistics for Scotland – March 2023

The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers company insolvency in Scotland. They reported that in March 2023 there were 104 company insolvencies in total, 21% higher than the number in March 2022.

Total corporate insolvencies in Scotland in March 2023 consisted of:

40 compulsory liquidations
61 CVLs
2 administrations
1 receivership appointment
0 CVAs

Company insolvency statistics for Northern Ireland – March 2023

In Northern Ireland in March 2023 there were 12 company insolvencies. This was 40% lower than the number in March 2022. They consisted of:

8 CVLs
2 compulsory liquidations
2 administrations
0 CVAs
0 administrative receiverships

Individual insolvency statistics for Northern Ireland – March 2023

There were 176 individual insolvencies in Northern Ireland in March 2023. This was 1% higher when compared to March 2022. They consisted of:

131 IVAs
27 DROs
18 bankruptcies

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.

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