Big rise in company insolvencies for March 2022
Company insolvencies more than double
The number of registered company insolvencies in England and Wales hit 2,114 in March 2022 which is more than double the 999 figure seen a year earlier in March 2021.
The figure of 2,114 figure is also 34% higher than the pre-pandemic number of 1,582 seen in March 2019. Of the company insolvencies seen in March 2022, 1,844 were creditors’ voluntary liquidations (CVLs). This is more than double the number in March 2021 and 62% higher than March 2019.
With regards to other types of company insolvencies, such as compulsory liquidations, these remained lower than before the pandemic, although there were almost four times as many compulsory liquidations in March 2022 compared to March 2021, and the number of administrations was 74% higher than a year ago.
For individuals, 633 bankruptcies were registered, which was 39% lower than in March 2021 and 59% lower than March 2019. On average there were 7,136 IVAs registered per month in the three-month period ending March 2022, which is 12% higher than the three-month period ending March 2021, and 14% higher than the three-month period ending March 2019. IVA numbers have ranged from around 6,300 to 7,400 per month over the past year.
