The latest figures, released by the Insolvency Service, show a 121% increase and over double the figure of 685 reported in 2021 however, compared to January 2022 it has remained somewhat stable with a 12% increase on pre-pandemic levels in February 2020 which recorded 1,346.

The Insolvency Service reported 1,329 creditors' voluntary liquidation (CVLs) in February 2022 which is 125% higher and more than double than the 2021 figure of 591 and 40% higher than 2020. The highest figure reported in the last 12 months was in November 2021 which saw 1,521.