The number of company insolvencies has soared in the last year, with 5,629 companies going under, primarily entering creditors’ voluntary liquidations (CVL)
This is the highest figure since 2012 after the financial crash with the number of company insolvencies 81% higher than in Q2 2021 and Q2 2022 figures 13% higher than Q1 2022.
The latest figures from the Insolvency Service show that between 1 April and 30 June 2022 (Q2 2022), there were 5,629 registered company insolvencies in England and Wales, made up of 4,908 creditors’ voluntary liquidations (CVLs), 368 compulsory liquidations, 320 administrations, 32 company voluntary arrangements (CVAs) and one receivership appointment.
From the start of the Covid-19 pandemic until mid-2021, numbers of company insolvencies were low when compared with pre-pandemic levels. Compulsory liquidation, administration and CVA numbers remained lower throughout 2021 and were still lower than pre-pandemic levels in Q2 2022. This was due to government fiscal measures that were put in place to support businesses and individuals.
