The latest figures from the Insolvency Service show that the number of registered company insolvencies in May 2022 was 1,817, which was 79% higher than in the same month in the previous year (1,014 in May 2021). The pandemic reduced the number of insolvencies due to the level of government support, but the company failures is worrying high compared to pre-pandemic figures for the same month in 2019 when there were 1,352 insolvencies.

In May 2022 there were 1,584 creditors’ voluntary liquidations (CVLs), 70% higher than in May 2021 and 66% higher than May 2019.

Christina Fitzgerald, president of R3, the insolvency and restructuring trade body, said: ‘The monthly fall in corporate insolvencies has mainly been driven by a reduction in creditors’ voluntary liquidations. However, numbers for this process and for overall corporate insolvencies are higher than this time last year.

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