The Insolvency Service published the most recent figures for UK company insolvencies in November 2024.
In November 2024, there were 1,966 registered company insolvencies in England and Wales. This figure represents a 13% increase compared to October 2024, which recorded 1,743 insolvencies. However, it is also 12% lower than the 2,243 insolvencies reported in November 2023.
Of the 1,966 registered company insolvencies in November, there were:
Figure 1: The total number of company insolvencies in November 2024 was higher than in October 2024 and lower than in November 2023.
Sources: Insolvency Service (compulsory liquidations only); Companies House (all other insolvency procedures).
In November 2024, the seasonally adjusted number of compulsory liquidations increased by 37% compared to October 2024, which was 6% lower than in November 2023. In 2023, compulsory liquidations rose by 44% from 2022, although they were still 4% lower than the levels recorded in 2019, before the pandemic.
After seasonal adjustment, the number of administrations in November 2024 was 36% higher than in October 2024 and 12% higher than in November 2023.
The number of CVAs was 17% higher in November 2024 than in November 2023 and 17% higher than in October 2024. However, the numbers remain low compared to historical levels. Due to low volumes, CVAs are not seasonally adjusted.
The five industries that experienced the highest number of insolvencies in the 12 months to October 2024 were:
Company insolvency by industry, England and Wales, November 2023 to October 2024 compared with November 2022 to October 2023.
For over twenty years, CoCredo has delivered industry-leading business credit reports and comprehensive company credit monitoring solutions, drawing from data across over 240 countries. Our commitment to exceptional customer service and award-winning product innovation protects businesses from bad debt.
CoCredo’s Managing Director, Dan Hancocks, says, “The consequences of the recent Budget and persistent cost challenges have increased corporate insolvencies this month. After years of rising expenses and declining profit margins, businesses are now facing additional wage increases as announced by the Chancellor. This is an unaffordable expense for some companies.”
“High-profile insolvencies have also made headlines. Typhoo Tea, a historic British brand established in 1903, entered administration and is currently seeking rescue through a potential acquisition by Supreme, a London-listed vaping products and drinks manufacturer. Additionally, Magway Limited, a delivery firm backed by MoneySavingExpert.com founder Martin Lewis, has gone into voluntary liquidation, owing almost £6 million.”
These cases highlight the diverse challenges UK businesses face, from traditional industries like tea manufacturing to innovative tech startups.
While the month-on-month increase in insolvencies may raise concerns, the year-on-year decline offers a glimmer of hope. It suggests that, despite ongoing economic challenges, some businesses are adapting and finding ways to navigate the complex financial landscape.”
Are you actively working to ensure the financial stability of your business and suppliers? If you need assistance, we are here to help. Our Company Credit Scores and Checks offer thorough and reliable credit check information for businesses in the UK, Ireland, and globally, and they are easily accessible via our online portal.
Our credit reports provide a thorough and dependable evaluation of a UK company's credit score, allowing you to make informed decisions and safeguard your business from potential risks.
Gain a thorough understanding of companies' financial positions with our UK and International business credit monitoring services. Stay ahead with our essential email alerts that deliver crucial updates on performance, payment history, and court rulings. With our services, you can rest assured that you are always fully informed and in control.
Request a free trial of company credit check. To learn more about our UK and International business credit check services, which reduce credit risk and improve cash flow and productivity, call us on 01494 790600 or email us.
© Copyright CoCredo Ltd 2025 | Registered in England & Wales 05319965 | VAT Registration 878787434