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Monthly company insolvency statistics April 2024

  • 21/05/2024
  • Paul Atkinson

Young businessman analysing financial data

The Insolvency Service has released the latest figures for UK insolvencies in April 2024.

In April 2024, there were 2,177 registered company insolvencies in England and Wales, an 18% increase from March 2024 (1,838) and an 18% increase from April 2023 (1,838). These figures indicate a significant rise compared to the insolvency numbers during the COVID-19 pandemic and between 2014 and 2019.

Of the 2,177 registered company insolvencies in April 2024:

  • 300 compulsory liquidations
  • 1,715 creditors’ voluntary liquidations (CVLs)
  • 144 administrations 
  • 18 company voluntary arrangements (CVAs). 

Numbers of all types of company insolvency were higher in both April 2023 and March 2024.

It's crucial to note that one in 175 companies on the Companies House effective register entered insolvency between 1 May 2023 and 30 April 2024. This register provides a comprehensive view of the situation, ensuring the accuracy and reliability of the data presented.

The number of companies entering insolvency has significantly increased, from 52.6 per 10,000 companies in the 12 months ending 30 April 2023 to one in 175 companies between 1 May 2023 and 30 April 2024. This data, calculated as a proportion of the total number of companies on the effective register, provides a clear picture of the longer-term trends and helps to reduce the volatility associated with estimates based on single months.

Despite the increase in insolvency rates since 2020 and 2021, it's important to note that the current rate, one in 175 companies, is significantly lower than the peak of 113.1 per 10,000 companies seen during the 2008-09 recession. This positive trend can be attributed to the fact that the number of companies on the effective register has more than doubled over this period.

Figure 1: Company insolvency numbers were higher in April 2024 than in March 2024, with increases seen across all company insolvency types.

company insolvency figures for April 2024

Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency types).

Creditors’ Voluntary Liquidations (CVLs)

In April 2024, 79% of all company insolvencies were attributed to CVLs. The number of CVLs rose by 18% from March 2024 and was 17% higher than in April 2023 after seasonal adjustment.

2023 saw the highest annual number of CVLs since the start of the time series in 1960, continuing the year-on-year increases in CVL numbers seen since 2021. CVLs increased by approximately 10% per year between 2017 and 2019 before decreasing to the lowest levels seen since 2007 during the COVID pandemic.

Compulsory liquidations

The number of seasonally adjusted compulsory liquidations in April 2024 was 11% higher than in March 2024 and 21% higher than in April 2023.

The number of compulsory liquidations in 2023 increased by 44% from 2022 but remained 4% lower than in 2019, before the pandemic. The numbers have risen from the low levels seen in 2020 and 2021, when restrictions were applied to statutory demands and certain winding-up petitions, leading to compulsory liquidations.


After seasonal adjustment, the number of administrations in April 2024 was 36% higher than in March 2024 and 25% higher than in April 2023.

The number of administrations increased during 2022 and 2023 from an 18-year annual low number seen during COVID in 2021. Current levels are similar to those seen between 2015 and 2019.

Company Voluntary Arrangements (CVAs)

The number of CVAs was 50% higher in April 2024 than in April 2023 and twice as many as in March 2024. Numbers remain low compared to historical levels. CVAs are not seasonally adjusted due to low volumes.

The number of CVAs in 2023 was 68% higher than in 2022 which saw the lowest ever annual total in the time series going back to 1993, however the number in 2023 remained approximately half of 2015 to 2019 levels.

Company insolvencies by industry

The five industries that experienced the highest number of insolvencies in the 12 months to March 2024 were:

  • Construction (4,274 - 17% of cases with industry captured).
  • Wholesale and retail trade; repair of motor vehicles and motorcycles (3,825 - 16% of cases with industry captured).
  • Accommodation and food service activities (3,766 - 15% of cases with industry captured).
  • Administrative and support service activities (2,312 - 9% of cases with industry captured).
  • Professional, scientific and technical activities (1,979 - 8% of cases with industry captured).


Figure 2: In the past 12 months, insolvencies have increased the most in the Accommodation & food service sector.

insolvency figures for april 2024 by sector

How our UK Company Credit Score and Checks service can help

For over 20 years, CoCredo has provided online business credit reports, business credit monitoring, company credit score information, and financial data to businesses and suppliers in the UK and internationally.

Dan Hancocks, CoCredo MD, says: "The figures published today reveal a significant trend in corporate insolvencies, with a notable increase in all types of corporate insolvency processes. However, the most striking rise in Creditors' Voluntary Liquidations (CVLs) is particularly amongst small and medium-sized companies. This process, which experienced a brief decline in March, has now seen the largest surge, indicating a crucial development in the corporate landscape.

Several potential factors could be contributing to the surge in CVLs. One possibility is the decision of directors to close their businesses at the end of the financial year, possibly reflecting a lack of confidence in the market's recovery or sheer exhaustion after four challenging years. Another factor could be the challenges distressed small businesses face in accessing more complex and expensive forms of restructuring, leading them to opt for liquidation to manage their overwhelming debt."

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