The number of registered company insolvencies in March 2023 was 2,457, 16% higher than in the same month in the previous year (2,120 in March 2022). This was higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers.
There were 288 compulsory liquidations in March 2023, which is more than twice the number in March 2022. Numbers of compulsory liquidations have increased from historical lows seen during the coronavirus pandemic, partly as a result of an increase in winding-up petitions presented by HMRC.
In March 2023 there were 2,011 Creditors’ Voluntary Liquidations (CVLs), 9% higher than in March 2022. Numbers of administrations and Company Voluntary Arrangements (CVAs) were also higher than in March 2022.