£20,075 Debt Recovered Through Strategic Trace & Recovery Action
Company insolvencies more than double for month of February 2022
The latest insolvency statistics published by The Insolvency Service for the month of February 2022 show that number of registered company insolvencies in England and Wales was more than double the number registered in the same month last year (685 in February 2021; 1,515 in February 2022), and 13% higher than the number registered two previously (1,346 in February 2020).
The number of other types of company insolvencies - such as compulsory liquidations - remained lower than before the pandemic. However there were more than twice as many compulsory liquidations and almost double the number of administrations in February 2022 when compared to February 2021.
With regards to individuals, there were 588 bankruptcies registered - which was 36% lower than February 2021 and 62% lower than February 2020. As for Debt Relief Orders (DROs), 2,242 took place in February 2022.
There was an average of 6,384 individual voluntary arrangements (IVAs) registered per month in the three-month period ending in February 2022. This is 4% higher than for the three month period ending in February 2021 and 15% more than the three months ending in February 2020.
