Company insolvencies slow in July

The number of registered company insolvencies in July 2023 was 1 727 6% lower than in the same month in the previous year (1 831 in July 2022) according to recent figures. This was higher than levels while the government support measures were in place in response to the coronavirus pandemic and also higher than pre-pandemic numbers.

There were 248 compulsory liquidations in July 2023 which was 81% higher than in July 2022. Numbers of compulsory liquidations have increased from historical lows seen during the coronavirus pandemic partly as a result of an increase in winding-up petitions presented by HMRC.

In July 2023 there were 1 336 creditors’ voluntary liquidations (CVLs) 17% lower than in July 2022. By contrast the number of administrations and company voluntary arrangements (CVAs) - which are rescue procedures and tend to be used by larger companies...