Top Service News
Latest Insolvency Statistics – June 2023
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The latest insolvency statistics have been released by the Insolvency Service and show an increase overall in corporate insolvencies
The number of registered company insolvencies in June 2023 was 2,163, 27% higher than in the same month in the previous year (1,698 in June 2022). This was higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers.
There were 260 compulsory liquidations in June 2023, 77% higher than in June 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 June 2023 there were 1,759 Creditors’ Voluntary Liquidations (CVLs), 21% higher than in June 2022. Numbers of administrations and Company Voluntary Arrangements (CVAs) were also higher than in June 2022.
Emma Reilly advises ‘Now is the time to look at your current credit management tools and processes and review if they are adequate to maximise protection for a business. Understanding how your customers & potential customers are paying other suppliers should be a vital part of your due diligence. Ensuring you have an effective debt collection partner is also key, working with a business who shares your values and can collect money owed to you, whilst protecting your reputation will help to increase you cashflow.;