On 15 April 2021, the Insolvency Service released the latest monthly statistics for the month of March 2021.
The first Coronavirus lockdown commenced on 23 March 2020 and so figures have been released to show the number of insolvencies in March 2020 and March 2019 There has been a significant decline in the number of insolvencies when compared to March 2019, this no doubt largely due to the measures taken to protect companies, including the introduction of the Corporate Insolvency and Governance Act that came into law in June 2020.
Reported insolvencies in March 2021, March 2020 and March 2019 were as follows:
Type March 2021 February 2021 March 2020 % Change March 2019 % Change
Creditors Voluntary Liquidation 883 591 -3 -23
Compulsory Liquidation 25 33 -86 -90
Administration 74 56 -44 -66
Company Voluntary Arrangement 10 6 -44 -58

On the face of these raw numbers, the level of company insolvencies is now increasing but probably not as dramatically as some may have feared
For individual insolvencies, the were 1,028 bankruptcies and 1,591 debt relief orders, in both cases 31% lower than 2020 and 34% lower than 2019.
The basis for reporting the number of Individual Voluntary Arrangements (IVA) is different as this is based on a rolling three month average, thus evening out the volatility of the numbers. On average, 6,388 were registered per month in the last three months, an average of 1,475 people per month! This is 24% higher than that reported for the period ending in March 2020, perhaps reflecting the personal consequence of the shrinkage of the economy.- Source Insolvency Service

If you or your business have suffered financial setbacks over the past twelve and are facing increasing pressures, the Insolvency Practitioners and staff at TH Financial Recovery are more than happy to discuss your concerns in a free confidential, no pressure and no obligation conversation with you. This can be held by Zoom Videoconference, telephone and, government restrictions permitting, physical meeting if you are comfortable with the latter.
Please call 01282 332222 or email info@thfr.co.uk to alleviate your stress and receive practical advice.