The number of registered company insolvencies in December 2023 was 2,002 – a 2% increase from the same month last year (1,965 in December 2022) according to new figures.
There were 153 compulsory liquidations in December 2023, down 18% year-on-year. Numbers of compulsory liquidations had increased from historical lows seen during the coronavirus pandemic, partly as a result of an increase in winding-up petitions presented by HMRC, but this seems to have slowed in December 2023.
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The number of Creditors’ Voluntary Liquidations (CVLs) was 1,731, administrations were at 103 and there were 15 Company Voluntary Arrangements in December 2023.
CVL numbers were higher (5% up) than in December 2022, while compulsory liquidation and administration numbers were lower by 18% and 8% respectively.
Commenting on the latest figures, RSM UK partner, Gareth Harris, said: “It is disappointing, but probably not surprising that insolvency levels remain high. The uptick in insolvencies demonstrates clearly how many businesses across many sectors are struggling financially and what a tough trading environment they are facing. However, its promising to see liquidations and administrations slowing.
“With continuing economic uncertainty and such low growth, it looks like it will be a tough 2024 for many, and it could be the end of the year before we see any real reduction back towards more “normal” levels of monthly insolvencies.”
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By GlobalData
