The Insolvency Service statistics released on 17 December 2021 show that in November, for the first time since the start of the coronavirus pandemic, the monthly number of registered company insolvencies in England & Wales was higher than pre-pandemic levels. The actual number of registered company insolvencies was 1,674 which was:

• 88% higher than the number registered in the same month in the previous year (891 in November 2020), but
• 11% higher than the number registered two years previously pre-pandemic (1,509 in November 2019).

In November 2021 there were 1,521 Creditors’ Voluntary Liquidations (CVLs) which was 43% higher than in November 2019. Other types of company insolvencies, such as compulsory liquidations (numbering 50), remained lower than before the pandemic but up by 32% than in November 2020.

In Northern Ireland, in the same period there were 9 company insolvencies registered in Northern Ireland, 29% higher than in November 2020 but 71% lower than November 2019. This is comprised of one administration, six CVLs and two compulsory liquidations. Unlike the rest of the UK, a moratorium remains in place in Northern Ireland preventing the issue of fresh creditor bankruptcy or winding-up petitions.

With insolvencies on the rise, if you are concerned about your business, its debts or future prospects now is the time to take the initiative and obtain expert advice. Our Insolvency team is available to discuss your needs.