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The Latest Insolvency Statistics July – September 2021

The latest statistics for the third quarter of 2021 have been released by the Insolvency Service. The data produced relates to both individual insolvencies and company insolvencies from July to September 2021.

 

Individuals in Q3 of 2021

  • There was a total of 26,758 individual insolvencies during quarter three of 2021 and this was made up of 1,938 bankruptcies, 19,058 Individual Voluntary Arrangements (IVAs), and 5,735 Debt Relief Orders.
  • The number of individual insolvencies was down by 2% in comparison to quarter 2 of 2021. The number of IVAs and bankruptcies were also lower than quarter 2.
  • The rate of individual insolvencies during quarter 3 was at 24.0 per 10,000 adults which is higher than the rate of 23.2 per 10,000 adults in quarter 3 of 2020.

 

Companies in Q3 of 2021

  • The overall number of company insolvencies was 43% higher in comparison to quarter 3 of 2020. This is due to the significant rise in the number of creditors’ voluntary liquidations (CVLs).
  • One in 341 active companies (at a rate of 29.3 per 10,000 active companies) entered liquidation between 1 October 2020 and 30 September 2021. This was a decrease from the 32.4 per 10,000 active companies that entered liquidation in the 12 months ending 30 September 2020.
  • There were 3,765 registered company insolvencies in quarter three, comprising of 3,471 CVLs, 20 company voluntary arrangements, 105 compulsory liquidations and 169 administrations.

 

The statistics highlighted, in particular in relation to company insolvencies, are likely to be largely a reflection of the effects of the government measures being eased as the UK navigates its way out of the first 18 months of the pandemic. It will certainly be interesting to see whether the current trends continue, as seems likely and the increase in the level of insolvencies accelerate further as we enter quarter 4 of 2021.

 

For more information or advice on this or any other insolvency issue, please contact Annabel Whittaker or Victoria Dunstall directly, call us on 0115 9 100 200 or click here to send an email

Posted on November 8, 2021

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