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Lies, damn lies and……

Lies, damn lies and……

At this point we are guessing readers are finishing off the above quote.

On 14 December 2022 the Insolvency Service released the November statistics for corporate and personal insolvency and there are some messages that derive from the core numbers reported.

November 2022 saw 2,029 recorded corporate insolvencies.  This was a 35% increase on November 2019 (i.e., pre-pandemic figures) and includes:


  November 2022 Compare with pre-pandemic
Creditor voluntary liquidations 1,595 50% increase
Winding up by the Court 290 7% increase
Administrations 134 11% decrease
Company voluntary arrangements 10 52% decrease


The key messages appear to include:

  • The fallout from the pandemic is starting to take effect.
  • Since the introduction of secondary preferential status for a majority of the debt owed to HMRC, restructuring a company has become less viable.
  • Creditors are starting to enforce debts by way of winding up petitions, particularly HMRC and one main clearing bank.

However, personal insolvency appears to be taking a totally opposite approach.  While individual voluntary arrangement (“IVA”) numbers are difficult to track (they are only recorded once the insolvency practitioner registers it with Insolvency Service) they are averaging 7,801 new IVA per month.  This compares favourably with bankruptcies, which only numbered 546 in November, a 60% fall when compared with pre-pandemic figures.

With personal insolvency, our conclusion is that people are recognising their financial challenges early and are acting likewise.  In doing so, there is a better chance of reaching a compromise with their creditors.  Equally there also appears to be a level of understanding from creditors, who accept the likely outcome from an IVA will be significantly better than that in bankruptcy.

No matter what the statistics say, the consistent message is always that when directors of a company or individuals alike recognise they have financial difficulties, taking early advice will usually mean more options are open to you.

If you require any advice or assistance on any insolvency-related issue, then please contact PBC Business Recovery & Insolvency to discuss and advise on your situation on 01604 212150 or email to  Alternatively, visit for further information.