The latest figures, released by the Insolvency Service, show a 599-increase compared to the 1,515 figure reported in February. This is 112% higher and more than double the 999 reported in March 2021, and is 34% higher than the 1,583 reported in March 2019.

Compared to the last two months, the figure has increased significantly after a stable period from February and the 1,560 reported in January.

The Insolvency Service reported 1,844 creditors' voluntary liquidation (CVLs) in March 2022 which is 109% higher than this time last year. The month’s figure is the highest reported in the last 12 months, before this the highest figure was seen in November 2021 which was reported as 1,512.

In other areas, there was an increase of 297% in compulsory liquidations from this time last year to March 2022 which had 131. It is 22 more than the 109 reported in February, and 13 more than January. It is the highest number reported in 2022 so far.