Top Service News
Insolvency Statistics – March 2023
Published on
The Insolvency Service has today released it’s monthly report on company insolvency which shows a blanket rise across the board, compared to March 2022.
Of the 2,457 registered company insolvencies in March 2023:
- There were 2,011 CVLs, which is 9% higher than in March 2022;
- 288 were compulsory liquidations, which is more than twice the number in March 2022;
- 13 were CVAs, which is 44% higher than March 2022;
- There were 145 administrations, which is 12% higher than March 2022;
- There were no receivership appointments.
Included in the report is the following statement. The number of company insolvencies was 16% higher than the number in March 2022. The increase in company insolvencies compared to March 2022 was driven by an increase in the number of compulsory liquidations and CVLs. The increase in compulsory liquidations is partly as a result of an increase in winding-up petitions presented by HMRC.
Emma Reilly, MD at Top Service Ltd commented “Although temporary insolvency restrictions began to be phased out from October 2021, measures to protect small businesses brought in on 1st October 2021 through the Corporate Insolvency and Governance Act 2020 were still in place up to 31st March 2022. Namely the threshold for issuing a winding up petition was increased to £10,000 (temporarily replacing the threshold of £750.00) & the requirement of creditors to provide 21 days notice before proceeding with a winding up petition.”
Emma continued “There is definitely an increased awareness within the construction industry relating to the risks of being exposed to bad debt. We have seen an increased number of enquiries from construction businesses asking for support with credit information and debt recovery services”.