The insolvency statistics for November 2022 showed that company insolvencies continue to increase, as many businesses tackle the current economic downturn.

There was a 21% jump in company insolvencies from October, 21% higher than in the same month last year, which stood at 1,676.

There were 1,595 creditors’ voluntary liquidations (CVLs) recorded in November, 5% higher than in November 2021 (1,521) and 50% higher than November 2019 (797).

Compulsory liquidations stood at 290, more than five times as many as last year, which stood at 50. This is partly as a result of an increase in winding-up petitions by HMRC.