There were 261 compulsory insolvencies, 1,437 creditors’ voluntary liquidation (CVLs), 108 administrations and nine company voluntary arrangements (CVAs). Although this is a positive turning point for insolvency figures, it is still double the 906 there were in 2021.

The current rate of insolvencies means that one in every 179 companies entered insolvency between April 2023 and March 2024, up from 53.5 the previous year.

Although this seemed high, the financial crisis saw a record 113.1 per 10,000 companies going bust.

The reason for the significant drop in the dramatic drop in the number of administrations.