New data from the Insolvency Service shows that monthly corporate insolvencies rose year-on-year as companies continued feeling the pressure from the Bank of England’s interest rate hikes.
The figures show that the number of registered company insolvencies in January 2024 was 1,769, 5% higher than in the same month in the previous year (1,685 in January 2023).
This was higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers.
The company insolvencies consisted of 339 compulsory liquidations, 1,294 creditors’ voluntary liquidations (CVLs), 120 administrations and 16 company voluntary arrangements (CVAs). CVL numbers were lower than in January 2023, while compulsory liquidation and administration numbers were higher.