England & Wales – Corporate Insolvency Statistics
The total number of company insolvencies for November 2021 is 1,674 – 88% higher than November 2020 and 11% higher than November 2019 (pre-pandemic).
Out of the above, 1,521 were CVL appointments.
There were 93 administrations, 20 CVAs and 50 compulsory liquidations – all processes were considerably higher than the same time in November 2020 but still lower than November 2019.
England & Wales – Individual Insolvencies
In November 2021, there were 630 bankruptcies which is 33% lower than November 2020.
The number of DROs (“Debt Relief Orders”) continues to rise with 2,054 registered in the month. This is 44% higher than the same time last year.
Scotland – Corporate Insolvency Statistics
For Scotland, there were 104 company insolvencies registered, of which 76 were CVLs. The total number of insolvencies is more than twice the number from November 2020.
Company insolvencies are led by compulsory liquidations, however in this instance, the total number was 25.
Administrations account for seven of the appointments.
Northern Ireland – Company Insolvencies
A total of nine company insolvencies were registered in Northern Ireland – six CVLs, two compulsory liquidations and one administration.
This is 71% lower than November 2019 but 29% higher than November 2020.
Northern Ireland – Individual Insolvencies
There were 193 individual insolvencies which was more than double that of November 2020.
There were 165 IVAs, 18 Debt Relief Orders & 10 Bankruptcies.
Conclusion
For England & Wales, the monthly number of registered company insolvencies is higher than pre-pandemic levels for the first time since November 2019. This is main driven by a larger amount of CVLs. This increase has also been replicated by firms increasing their hiring efforts slightly in anticipation of greater work pipeline for 2022.
For the most part, we’re seeing a steady rise in the number of insolvencies, however what happens in the short to medium term does depend on how things develop with the Omicron variant of the coronavirus, which may impact the economy and government measures. However, at this point, it’s a bit early to tell what will happen.
(Data sourced from The Insolvency Service)
