What were the key insolvency statistics in December 2022?

The number of registered company insolvencies was £1,964 – 32% higher than December 2021 and 76% higher than December 2019 (pre-pandemic);

• 183 of these company insolvencies were Compulsory Liquidations – more than 3 and a half times as many than those in December 2021 and 8% higher than those in December 2019;
• 1,659 were Creditors’ Voluntary Liquidations (CVLs) – 22% higher than in December 2021 and more than twice more than December 2019;
• 10 Company Voluntary Arrangements – 22% higher than those in December 2021; and
• 112 Administrations – 56% higher than those in December 2021 but 20% lower than those in December 2019.

What can we learn from these insolvency statistics?

Businesses are likely to continue to face pressures as we work through what is likely to be a difficult 2023. Kitsons is well placed to help you and your business on all issues you face. If cash flow is an issue and you are owed money, we have an experienced debt recovery team who will proactively and efficiently handle your unpaid invoices.

If you are a director of a business facing creditor pressure, there are options. We would be happy to provide initial advice and, if required, put you in direct contact with our wide network of insolvency practitioners who are qualified and experienced to give you and your business the attention you need and advise on the available options and recommendations. All we say is that the sooner you seek that advice, the more options you may have.

In the first instance, please contact Andrew Pay, Partner and Kitsons Head of Dispute Resolution and Insolvency.