Company insolvencies up 71%

This is up 71% when compared to the 788 figure reported in August 2020 though it is similar to the 1,366 registered in August 2019. 

As for creditors’ voluntary liquidations (CVLs), there were 1,256 handed in August 2021 - which is the highest level seen in the series since January 2019. The number of registered company insolvencies were also similar to pre-pandemic levels, driven by a higher number of CVLs - although other types of company insolvencies remained lower. 

For individuals, 614 bankruptcies were registered in August 2021 - this was 22% lower than in August 2020 and 54% lower than August 2019. However, the 1,714 debt relief orders (DROs) registered were 29% higher than in August 2020 but remained lower than pre-pandemic levels. 

When it comes to individual voluntary arrangements (IVAs), there were on average 7,021 registered per month during the three-month period ending in August 2021. This is 44% higher than the three-month period ending August 2020 and 4% higher than the three months ending August 2019. 

As for registrations to the breathing space scheme, between 4 May (when the scheme began) and 31 August 2021 there were 22,151 registrations. These composed of 21,884 standard breathing space registrations and 267 mental health breathing space registrations. 

In Scotland, there were 89 company insolvencies registered - which is approximately double the figure recorded in August 2020 and 13% higher than in August 2019. This comprised of 11 compulsory liquidations, 76 CVLs and two administrations. 

According to the Insolvency Service, historically the volume of company insolvencies registered in Scotland has been driven by compulsory liquidations. However, since April 2020 there has been more than twice as many CVLs as compulsory liquidations.

In Northern Ireland, there were nine company insolvencies reported in August 2021, more than double the number recorded in August 2020 but 59% lower than in August 2019. Of those reported in 2021, there was one compulsory liquidation and eight CVLs. 

Meanwhile, there were 148 individual insolvencies in Northern Ireland in August 2021 - which was 38% higher than in August 2020 but 28% lower than August 2019. This consisted of 127 IVAs, 15 DROs and six bankruptcies.