The latest figures released by the Insolvency Service show that the number of company insolvencies for the second and third quarter of 2023 is the highest since 2009. In addition, the government agency says the number of creditors’ voluntary liquidations (CVLs) is at its greatest since the start of the series in 1960s.

While the number of insolvencies for the third quarter of 2023 in England and Wales is slightly down (2%) on the previous quarter, the number is 10% higher than the same quarter in 2022.

One in 191 active companies (at a rate of 52.4 per 10,000 active companies) entered insolvent liquidation between 1 October 2022 and 30 September 2023. This was an increase from the 46.9 per 10,000 active companies that entered liquidation in the 12 months ending 30 September 2022.

In Scotland, insolvencies for the third quarter of 2023 were 7% higher than for the same quarter in 2022. In Northern Ireland, there was an increase of 24% for insolvencies over the third quarter from 2022 to 2023.

To find out what options are available to you if your company is struggling, turn to our business advice pages in the April 2023 issue of Images: imagesmag.uk/apr23-business-clinic

www.gov.uk