Insolvency data October 2022

The latest official insolvency data has just been published >> here <<. The key findings are:

The number of registered company insolvencies in October 2022 was 1,948:

• 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, 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.

For individuals, 531 bankruptcies were 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).

There were, on average, 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.

Any thoughts, send them across ASAP as this story is BREAKING.