Insolvency Statistics: October 2022

Posted on Nov 17, 2022. by NTI

We have been busy fending off 'Budget Updates' and 'must know Autum Statement bulletins' from many of our sources this afternoon and are sure you have been experiencing similar intrusions. So, we're not going to do that (today ... we would like to make it all a lot more 'insolvency and restructuring focused'). 

It has also been a really busy day for CII, CPI and JIEB exam enrolments for 2023 here at NTI. With the CPI exam this morning (Thursday 17 November) and the Joint Board done and dusted for another year it seems that those who come next are looking to secure their new year resolutions early in the scramble to become qualified next year.

"We are so busy at the moment."

"I and the rest of my team have been blurs since the summer and its getting more hectic ..."

"We took on six CVL jobs last week and there's just me and the water cooler left in the office ..."

"Can you do a discount on five students? ..."

Maybe the reason for the above is the Monthly Insolvency Statistics for October published by the Insolvency Service a couple of days ago. Wow! The headlines?

The data shows there were 1,948 company insolvencies registered, 38 per cent higher than in October 2021 (1,410) and 32 per cent higher than the number registered pre-COVID 19 pandemic levels (October 2019, 1,477). For individuals, 531 Bankruptcies were registered, 14 per cent lower than in October 2021 and 62 per cent lower than in October 2019.

Other key statistics in August 2022 include:

• 1,594 Creditors’ Voluntary Liquidations:  28 per cent higher than in October 2021, and 53 per cent higher than October 201e the movement is. One of our clients told us last week that they took on seven appointments in a week, when their usual averages are around four a month.
• there were 242 Compulsory Liquidations in October 2022, more than four times as many in October 2021 and 2 per cent higher than in October 2019 (so starting to return to 'pre-pandemic levels')

• there were 1,894 Debt Relief Orders: which was 2 per cent lower than October 2021 and 25 per cvent lower than the pre-pandemic comparison for October 2019. This is the strange one for us here at NTI. We have just completed a CPD TAP webcast in our new series 'Consumer Issues', and all numbers emanating from that seemed to be written by the Brothers Grimm.

• 7,610 Individual Voluntary Arrangements, on average registered per month in the three-month period ending October 2022: 8 per cent higher than the three-month period ending October 2021 and 13 per cent higher than the three-month period ending October 2019


« Back to articles