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, new data from The Insolvency Service has revealed.
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 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.
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.
