The Insolvency Service statistics released on 15 October show that in September 2021 the number of registered company insolvencies in England & Wales was 1,446, as follows:

• 56% higher than the number registered in the same month in the previous year (928 in September 2020), but
• 4% lower than the number registered two years previously (pre-pandemic; 1,510 in September 2019).

In September 2021 there were 1,328 Creditors’ Voluntary Liquidations (CVLs), which is the highest level seen in the series since January 2019. The number of registered company insolvencies was similar to pre-pandemic levels, driven by this higher number of CVLs, although other types of company insolvencies, such as compulsory liquidations, remained lower.

In Northern Ireland, in the same period, there were 11 company insolvencies registered in Northern Ireland, 10% higher than in September 2020 but 69% lower than September 2019. This is comprised of one administration, nine CVLs and one CVA. There were no compulsory liquidations or receivership appointments.

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. The Insolvency team at MKB Law is available to discuss your needs, please call: 028 9024 2450