Main messages for England and Wales

• After seasonal adjustment, the number of registered company insolvencies in England and Wales in March 2024 was 1,815, 17% lower than in February 2024 (2,177) and 17% lower than the same month in the previous year (2,193 in March 2023). However, numbers of company insolvencies remained much higher than those seen both during the COVID-19 pandemic and between 2014 and 2019.

• Company insolvencies in March 2024 consisted of 261 compulsory liquidations, 1,437 creditors’ voluntary liquidations (CVLs), 108 administrations and 9 company voluntary arrangements (CVAs). Numbers of all types of company insolvency were lower than in both March 2023 and February 2024.

• One in 179 companies on the Companies House effective register (at a rate of 55.8 per 10,000 companies) entered insolvency between 1 April 2023 and 31 March 2024. This was an increase from the 53.5 per 10,000 companies that entered insolvency in the 12 months ending 31 March 2023. These 12-month rolling rates are calculated as a proportion of the total number of companies on the effective register to show longer term trends and reduce the volatility that would be associated with estimates based on single months.

• While the insolvency rate has increased since the lows seen in 2020 and 2021, it remains much lower than the peak of 113.1 per 10,000 companies seen during the 2008-09 recession. This is because the number of companies on the effective register has more than doubled over this period.

Main messages for England and Wales

• After seasonal adjustment, the number of registered company insolvencies in England and Wales was 2,035 in February 2025, 3% higher than in January 2025 (1,978) but 7% lower than the same month in the previous year (2,188 in February 2024). Company insolvencies over the past year have been slightly lower than in 2023, which saw a 30-year high annual number, but have remained high relative to historical levels.

• Company insolvencies in February 2025 consisted of 393 compulsory liquidations, 1,520 creditors’ voluntary liquidations (CVLs), 115 administrations and 7 company voluntary arrangements (CVAs). There were no receivership appointments. Compulsory liquidations were higher than in January 2025, while CVLs, administrations and CVAs were lower. The (seasonally adjusted) number of compulsory liquidations in February 2025 was the highest monthly number since September 2014.

• One in 191 companies on the Companies House effective register (at a rate of 52.4 per 10,000 companies) entered insolvency between 1 March 2024 and 28 February 2025. This was a decrease from the 57.6 per 10,000 companies that entered insolvency in the 12 months ending 29 February 2024. Insolvency rates are calculated on a 12-month rolling basis as a proportion of the total number of companies on the effective register. The 12-month rolling rates show longer term trends and reduce the volatility associated with estimates based on single months.

• While the insolvency rate has increased since the lows seen in 2020 and 2021, it remains much lower than the peak of 113.1 per 10,000 companies seen during the 2008-09 recession. This is because the number of companies on the effective register has more than doubled over this period.

The number of registered company insolvencies in November 2021 was 1,674:

• 88% higher than the number registered in the same month in the previous year (891 in November 2020), and
• 11% higher than the number registered two years previously (pre-pandemic; 1,509 in November 2019).

For the first time since the start of the coronavirus (COVID-19) pandemic, the monthly number of registered company insolvencies was higher than pre-pandemic levels. This was driven by the higher number of creditors’ voluntary liquidations (CVLs). In November 2021 there were 1,521 CVLs, 43% higher than in November 2019. Other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic.

For individuals, 630 bankruptcies were registered, which was 33% lower than November 2020 and 54% lower than November 2019.

There were 2,054 Debt Relief Orders (DROs) in November 2021. Following "https://www.gov.uk/government/news/new-measures-to-help-vulnerable-people-in-problem-debt" class="govuk-link">changes to the eligibility criteria on 29 June 2021 including an increase in the level of debt at which people can apply for a DRO from £20,000 to £30,000, DRO numbers were higher between July and November 2021 than in previous months since the start of the COVID-19 pandemic. The number of DROs registered in November 2021 was 44% higher than November 2020 but remained lower than pre-pandemic levels (13% lower than in November 2019).

There were, on average, 7,002 IVAs registered per month in the three-month period ending November 2021, which is similar to both the three-month period ending November 2020 and the three-month period ending November 2019.

Note that the IVA series is historically volatile as it is based on date of registration at the Insolvency Service (see the "#methodology" class="govuk-link">Methodology and data quality section for more information).

Between the launch of the Breathing Space scheme on 4 May 2021, and 30 November 2021, there were 36,931 registrations, comprised of 36,411 Standard breathing space registrations and 520 Mental Health breathing space registrations.

This statistics release contains the latest data on monthly company and individual insolvency (companies and individual people who are unable to pay debts and enter formal procedures).

Statistics are presented separately for England and Wales , Scotland and for Northern Ireland in this release.

Main messages

Company insolvencies

• There were 1,228 company insolvencies in December 2020.

Individual insolvencies

• There were 1,241 debt relief orders and 807 bankruptcies in December 2020.
• There were an average of 7,918 individual voluntary arrangements registered in the 3 months ending December 2020.

The number of registered company insolvencies in September 2022 was 1,679:

• 16% higher than in the same month in the previous year (1,453 in September 2021), and
• 11% higher than the number registered three years previously (pre-pandemic; 1,508 in September 2019).

In September 2022 there were 1,379 Creditors’ Voluntary Liquidations (CVLs), 4% higher than in September 2021 and 25% higher than September 2019. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the coronavirus (COVID-19) pandemic, although there were over 6 times as many compulsory liquidations in September 2022 compared to September 2021.

For individuals, 535 bankruptcies were registered, which was 15% lower than in September 2021 and 61% lower than September 2019.

There were 1,812 Debt Relief Orders (DROs) in September 2022, which was 16% lower than September 2021 and 26% lower than the pre-pandemic comparison month (September 2019).

There were, on average, 7,188 Individual Voluntary Arrangements (IVAs) registered per month in the three-month period ending September 2022, which is 5% higher than the three-month period ending September 2021, but 4% lower than the three-month period ending September 2019. IVA numbers have ranged from around 6,300 to 7,800 per month over the past year.

There were 6,177 Breathing Space registrations in September 2022, which is 21% higher than the number registered in September 2021. 6,085 were Standard breathing space registrations, which is 21% higher than in September 2021, and 92 were Mental Health breathing space registrations, which is 10% higher than the number in September 2021.

This statistics release contains the latest data on monthly company and individual insolvency (companies and individual people who are unable to pay debts and enter formal procedures).

Statistics are presented separately for England and Wales , Scotland and for Northern Ireland in this release.

Main messages

Correction notice

• An error was identified in these experimental statistics following initial release on 14 July 2020. The initial release presented an undercount of the number of bankruptcies in England and Wales in June 2020. The impact of this error is considered low overall, since the error did not affect the main messages for England and Wales. However, the true numbers of bankruptcies were considerably higher (875) than the initial published numbers (454). The error has now been corrected and this revised release, which supersedes the initial release, was published on 30 July 2020.

Companies insolvencies

• There were 732 company insolvencies in June 2020.

Individual insolvencies

• There were 1,775 debt relief orders and 875 bankruptcies in June 2020.
• In three months ending June 2020 there was a monthly average of 8,428 registered individual voluntary arrangements .

The number of registered company insolvencies in October 2021 was 1,405:

• 63% higher than the number registered in the same month in the previous year (864 in October 2020), but
• 5% lower than the number registered two years previously (pre-pandemic; 1,480 in October 2019).

In October 2021 there were 1,248 Creditors’ Voluntary Liquidations (CVLs), which is slightly higher than pre-pandemic levels. The number of registered company insolvencies was similar to pre-pandemic levels, driven by this higher number of CVLs, although other types of company insolvencies, such as compulsory liquidations, remained lower.

For individuals, 601 bankruptcies were registered, which was 44% lower than October 2020 and 57% lower than October 2019. The number of bankruptcies was the lowest monthly number since the start of the time series in January 2019.

There were 1,937 Debt Relief Orders (DROs) in October 2021. Following "https://www.gov.uk/government/news/new-measures-to-help-vulnerable-people-in-problem-debt" class="govuk-link">changes to the eligibility criteria on 29 June 2021 including an increase in the level of debt at which people can apply for a DRO from £20,000 to £30,000, DRO numbers were higher between July and October 2021 than in previous months since the start of the COVID-19 pandemic. The number of DROs registered in October 2021 was 23% higher than October 2020 but remained lower than pre-pandemic levels (23% lower than in October 2019).

There were, on average, 7,031 IVAs registered per month in the three-month period ending October 2021, which is 14% higher than the three-month period ending October 2020 and 4% higher than the three-month period ending October 2019.

Note that the IVA series is historically volatile as it is based on date of registration at the Insolvency Service (see the Methodology and data quality section for more information).

Between the launch of the Breathing Space scheme on 4 May 2021, and 31 October 2021, there were 32,082 registrations, comprised of 31,651 Standard breathing space registrations and 431 Mental Health breathing space registrations.

The number of registered company insolvencies in April 2022 was 1,991:

• More than double the number registered in the same month in the previous year (925 in April 2021), and
• 39% higher than the number registered three years previously (pre-pandemic; 1,429 in April 2019).

In April 2022 there were 1,777 Creditors’ Voluntary Liquidations (CVLs), more than double the number in April 2021 and 74% higher than April 2019. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were three times as many compulsory liquidations in April 2022 compared to April 2021, and the number of administrations was 51% higher than a year ago.

For individuals, 530 bankruptcies were registered, which was 36% lower than in April 2021 and 64% lower than April 2019.

There were 1,708 Debt Relief Orders (DROs) in April 2022, which was 20% higher than in April 2021 and 29% lower than the pre-pandemic comparison month (April 2019). This increase is linked to "https://www.gov.uk/government/news/new-measures-to-help-vulnerable-people-in-problem-debt" class="govuk-link">changes to the eligibility criteria on 29 June 2021 including an increase in the level of debt at which people can apply for a DRO from £20,000 to £30,000.

There were, on average, 7,516 IVAs registered per month in the three-month period ending April 2022, which is 10% higher than the three-month period ending April 2021, and 22% higher than the three-month period ending April 2019. IVA numbers have ranged from around 6,300 to 7,500 per month over the past year.

Between the launch of the Breathing Space scheme on 4 May 2021, and 30 April 2022, there were 63,856 registrations, comprised of 62,843 Standard breathing space registrations and 1,013 Mental Health breathing space registrations.