Company insolvencies

ended 15. March 2022

The ONS has just published data showing the number of registered company insolvencies in February 2022 was 1,515. This is

  • More than double the number registered in the same month in the previous year (685 in February 2021), and
  • 13% higher than the number registered two years previously (pre-pandemic; 1,346 in February 2020).
  • In February 2022 there were 1,329 Creditors’ Voluntary Liquidations (CVLs), more than double the number in February 2021, and 40% higher than in February 2020.

What are your thoughts? This story is BREAKING so just a few quick lines will do.

3 responses from the Newspage community

"It's not surprising we are seeing increased company insolvencies, now that most of the Government's Covid support has ended. Note, too, that many of the Government-backed loans like Bounce Back and CBILS came without payments for the first 12 months, creating an artificially strong economy. It is sad to see businesses going under, but many more company insolvencies are likely during 2022 given the numerous challenges facing the economy. Businesses that are not profitable or able to compete will simply not be able to survive. Insolvency practitioners are likely to be very busy during the next year or two."
A VUCA world on steroids, the pandemic, economic uncertainty, soaring cost of living prices, the candidate biased job market, and now the global uncertainty with the situation in Ukraine .......no wonder that insolvencies and liquidations are at an all time high. Never in 25 years of running my business has it felt so stressful to be a business owner.
Quite frankly, unsurprising ! Small businesses have had a loud and collective voice about this over the last 6 months but still government failed to see the signs and mitigate the fall out. The support was never wide enough or accessible enough. The question is will they do anything now? I doubt it as it doesn't directly affect them and they are deaf to the voices of small business owners.