Monthly Insolvency Statistics for November: The Scores Are In

The Insolvency Service has published its latest monthly insolvency statistics for November 2023.

Company Insolvencies
There were 2,466 registered company insolvencies in November 2023. This was 21% higher than November 2022, and is higher than both pre- and mid-pandemic numbers.

Of these 2,466 insolvencies, there were 359 Compulsory Liquidations, 1,962 CVLs, 133 Administrations and 12 CVAs. The increase from November 2022 was driven by CVL and WUC numbers, while Administration numbers were similar to those in November 2022, with only a 1% decrease from 2022.
 
Individual Insolvencies
Whilst company insolvencies have risen compared to November 2022, personal or individual insolvencies have decreased by 21%. There were 8,243 total individual insolvencies in November 2023 (this was 10,478 in November 2022).

Of this 8,243, there were 661 Bankruptcies, 3,290 DROs and 4,292 IVAs.

In comparison to November 2022, there were 44% fewer IVAs in November 2023. IVA numbers in 2023 to date have been lower than in 2022, which saw a record annual number.

DROs and Bankruptcies were higher than 2022, with a 45% increase in DROs compared to November ’22. Of the 661 Bankruptcies in November 2023, there were 522 debtor applications, and 139 creditor petitions.

The trend of increased DRO numbers has increased since the criteria were changed in 2021, whilst IVA numbers have generally reduced. Bankruptcy numbers have remained stable.

There were 7,484 Breathing Space registrations in November 2023, which is 10% higher than November 2022’s figure. 7,351 of these were ‘standard’ Breathing Spaces, and 133 Mental Health Crisis Moratoria.