Monthly UK insolvency statistics - June 2022

In response to the coronavirus (COVID-19) pandemic, the individual and company June 2022 insolvency statistics for England and Wales have been published by the Insolvency Service, together with related insolvency figures for Scotland and Northern Ireland.

Insolvency statistics for England and Wales following coronavirus lockdown

The Insolvency Service has been releasing monthly company and individual insolvency statistics for England and Wales and Northern Ireland, as well as monthly company statistics for Scotland, throughout the coronavirus (COVID-19) pandemic, and for a period thereafter.

However, these statistics are marked ‘experimental’ since the process of compiling insolvency data in monthly format is new to the statistics team at the Insolvency Service and is subject to review. The Insolvency Service also notes that as they do not record whether an insolvency is directly related to the coronavirus pandemic, as it is not possible to state its direct effect on insolvency volumes.

Company insolvency statistics for England and Wales – June 2022

In June 2022 there was a total of 1,691 company insolvencies in England and Wales, which included:

1,456 creditors’ voluntary liquidations (CVLs)
136 compulsory liquidations
90 administrations
8 company voluntary arrangements (CVAs)
0 receiverships

Overall company insolvencies in June 2022 were 15 per cent higher when compared to June 2019 (pre-pandemic) and 40 per cent higher than insolvencies recorded in June 2021.

In June 2022:

CVLs were 30% higher when compared to June 2021 and 44% higher than in June 2019
compulsory liquidations were 258% higher than June 2021, but 51% lower than June 2019
CVAs were 43% lower when compared to June 2021 and 77% lower than June 2019
administrations were 131% higher than June 2021, but 40% lower than June 2019

Between 26 June 2020 and 30 June 2022, 39 companies obtained a moratorium and 12 companies had a restructuring plan registered at Companies House – two new procedures created by the Corporate Insolvency and Governance Act 2020.

Individual insolvency statistics for England and Wales – June 2022

In June 2022, there were:

471 bankruptcies (401 debtor applications and 70 creditor petitions)
1,815 DROs
7,575 IVAs registered (using a three-month rolling average)

Bankruptcies

Bankruptcies in June 2022 were 37 per cent lower than in June 2021 and this was driven by a drop in debtor applications (38 per cent lower) and creditor petitions (33 per cent lower). Compared to June 2019, total bankruptcies were 64 per cent lower.

Debt relief orders

The number of DROs in June 2022 was 28 per cent higher than in June 2021, but 14 per cent lower than in June 2019.

Changes to DRO eligibility came into effect on 29 June 2021, including an increase in the level of debt at which people can apply for a DRO from £20,000 to £30,000. According to The Insolvency Service, the increase in the number of DROs registered since June 2021 is likely to have been caused by this expansion of the eligibility criteria.

Individual voluntary arrangements

As individual voluntary arrangement (IVA) numbers have been calculated using different methodology, they are presented separately to debt relief orders (DROs) and bankruptcies. Due to volatile data, the Insolvency Service provided three-month rolling averages for IVAs, which indicate what the overall trend of IVA registrations might look like.

IVAs in June 2022 were 6 per cent higher when compared to the average number of registered IVAs during the three months ending June 2021 and 17 per cent higher than the three months ending June 2019.

Breathing Space registrations

In June 2022 there were 5,772 Breathing Space registrations. This is 2 per cent higher than the number in June 2021. The Breathing Space registrations in June 2022 comprised of:

5,687 Standard breathing space registrations, which is 2% higher than the number in June 2021
85 Mental Health breathing space registrations, which is 35% higher than the number in June 2021

Company insolvency statistics for Scotland – June 2022

The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers company insolvency in Scotland. They reported that in June 2022 there were 76 company insolvencies in total, the same number as June 2021 but 12 per cent higher than June 2019.

Total corporate insolvencies in Scotland in June 2022 consisted of:

8 compulsory liquidations
67 CVLs
q administration
0 CVAs
0 receivership appointments

Company and individual insolvency statistics for Northern Ireland – June 2022

In Northern Ireland in June 2022 there were 26 company insolvencies. This was 2.4 times as many company insolvencies as June 2021, but 10 per cent lower when compared to June 2019. They consisted of:

11 compulsory liquidations
12 CVLs
2 CVAs
1 administration
0 administrative receiverships

There were 134 individual insolvencies in Northern Ireland in June 2022. This was 18 per cent lower when compared to June 2021 and 30 per cent lower when compared to June 2019. They consisted of:

101 IVAs
17 DROs
16 bankruptcies

Where can I see insolvency notices in The Gazette?

The Gazette is the primary source of both corporate insolvency and personal insolvency information in the UK and publishes this information in the form of insolvency notices, allowing transparency for the public, the credit industry and concerned individuals to quantify risk and inform creditors. You can view all corporate and personal insolvency notices on The Gazette website.

The Gazette also provides a data service which gives access to official intelligence on all UK businesses, corporate and personal insolvencies. Benefits of The Gazette’s data service include:

Bespoke reports - tailored around your specific business
Geo-targeted editions - available for specific geographical targeting (National, London, Belfast, Edinburgh)
Custom filters - specific custom attributes (company number, notice type, key terms)
Data at regular intervals - delivered at a rate to match your business needs (daily, weekly, monthly)

For more information on The Gazette’s data service, contact the team on 01603 985949 or email data@thegazette.co.uk.

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