Monthly Insolvency Statistics – October 2022

Commentary – Monthly Insolvency Statistics October 2022 – GOV.UK (www.gov.uk)

In this latest release from The Insolvency Service, we can see that the numbers of Company Insolvencies in October were 32% higher than in the same month in 2019, pre-pandemic, and 38% higher than October 2021.

Though it should be noted that the increase in these numbers has been partly driven by an increase in the number of Compulsory Liquidations, highlighted as being due to a large number of winding-up petitions being presented by HMRC and a significant amount from one bank.

The issuing of winding-up petitions was temporarily suspended, from 1st October 2021 until 31st March 2022, which would explain the sharp increase compared to figures from October 2021.

Company Voluntary Liquidation (CVLs) numbers are 28% higher than October last year, and 53% higher than in October 2019, which could, in part, be attributed to the ending of government support packages and sustained trading difficulties.

We have supported many business owners throughout the year and we will continue to do so, to provide advice and guidance as we all face the fresh wave of challenges ahead.

The cost-of-living crisis, energy and fuel prices, supply chain issues and so on, may seem daunting and unrelenting but we are here to help.

If you are a director or major stakeholder and are concerned about what the future looks like for your business, or are a professional adviser looking for advice in relation to your clients, please contact us for an initial, no obligation discussion:

North office: 01625 544 795
South office: 01442 233 123
East Mids office: 01246 224 399

lauren@beesley.co.uk
07380602461