The number of registered company insolvencies in October 2022 was 1,948. This was 38% higher than in the same month in the previous year (1,410 in October 2021), and 32% higher than the number registered three years previously (pre-pandemic; 1,477 in October 2019).

There were 242 compulsory liquidations in October 2022, which is more than 4 times as many as in October 2021 and 2% higher than in October 2019. Numbers of compulsory liquidations have increased from historical lows seen during the coronavirus (COVID-19) pandemic, partly as a result of an increase in winding-up petitions presented by HMRC. October 2022 was the first time that the number of compulsory liquidations was similar to the pre-pandemic comparison month. This was partly caused by a large number of petitions from a single bank, which accounted for 45 of the compulsory liquidations in this month.

There were also 1,594 Creditors’ Voluntary Liquidations (CVLs), 28% higher than in October 2021 and 53% higher than October 2019. Numbers of administrations and Company Voluntary Arrangements (CVAs) remained lower than before the pandemic.

For individuals there were 531 bankruptcies registered, which was 14% lower than in October 2021 and 62% lower than October 2019.

There were 1,894 Debt Relief Orders (DROs) in October 2022, which was 2% lower than October 2021 and 25% lower than the pre-pandemic comparison month (October 2019).

On average, there were 7,610 Individual Voluntary Arrangements (IVAs) registered per month in the three-month period ending October 2022, which is 8% higher than the three-month period ending October 2021, and 13% higher than the three-month period ending October 2019. IVA numbers have ranged from around 6,300 to 7,800 per month over the past year.