The number of companies falling into insolvency in England and Wales has jumped, according to figures out today.
There were 2,315 registered company insolvencies in October, 18% higher than in October 2022, and 18% higher than September’s figure, according to data from The Insolvency Service.
The increase in company insolvencies was driven mostly by Creditors’ Voluntary Liquidations (CVLs) in which company directors opt to wind up an insolvent company which has no prospect of recovery.
There were 256 compulsory liquidations, 1,889 creditors’ voluntary liquidations (CVLs), 146 administrations, 23 company voluntary arrangements (CVAs) and one receivership appointment, the Insolvency Service said.