Monthly Business Insolvency Figures, 2024

Chapter 1

Overview

Here you will find all the latest details on company insolvencies across the UK, including Northern Ireland. This page is updated monthly and provides details on company insolvencies by month and sector since 2021. For real-time insight and alerts about company insolvencies, please consider subscribing to the Creditsafe platform.

Key findings for March 2024:

A total of 2,598 companies became insolvent in March 2024.
The total number of insolvencies decreased compared to the previous month (February 2024).
The total number of insolvencies increased by 17% compared to the previous year (March 2023).
17% of insolvencies came from within the Construction sector.

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Chapter 1

Insolvencies by Month

Total number of insolvencies by month.

March 2024 saw the total number of insolvencies slightly decrease compared to February 2024. A total of 2,598 companies became insolvent, an increase of 17% compared to March 2023.

This number of insolvencies suggests that while the current economic challenges are continuing to hit businesses hard and are pushing an increasing number into insolvency, the insolvency trends are still uneven.

In recent months, companies have been affected by multiple economic issues, including cautious consumer spending and rising costs. Alongside these, requests for wage increases and higher energy bills are also hitting businesses hard, as the costs of cooling premises in the summer are just as challenging as keeping them warm in the winter.

The total number of UK company insolvencies for 2023 was 30,199. This number represents a 12% increase compared to the same period in 2022 and a 52% increase compared to 2021.

Chapter 1

Insolvencies by Sector

The total number of insolvencies by sector YTD.

The Construction sector remains the most significant contributor to insolvency, representing 17% of all insolvencies in March 2024, with 420 Construction companies becoming insolvent. Construction accounted for 17% of all company insolvencies in 2024.

Two sectors that traditionally see large numbers of business failures and are worth reviewing are Wholesale and Retail, which saw 366 companies become insolvent in March, and Accommodation and Food Services, where 368 businesses failed. The combined total of these sectors represents 29% of all insolvencies.

Whilst inflation and energy costs start to decline, the knock-on effect is still expected to hit many more sectors in the coming months.

The table below shows the total number of insolvencies year-to-date (January - December 2024) by sector. It also includes the number of insolvencies for the same period in 2021, 2022, 2023 and 2024 (year-to-date). The % share is for the current year, and the % change is compared to the previous year (2023).

Want to explore the data for yourself?

Whether you want to understand the impact of Insolvencies across a group of sectors or the likelihood of an individual company becoming insolvent, you can find all of this data and more within the Creditsafe platform.

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Chapter 1

Methodology

Creditsafe uses the following statuses to determine if a company has become insolvent and will count insolvency based on its first insolvency trigger from one of the statuses below:

In Liquidation.
Administrator Appointed.
Appointment of Liquidator.
Meeting of Creditors.
In Administration.
In Receivership.
Administrative Receiver Appointed.
Administration Order.
The company is wound-up.

Research & Reports

Business Insolvency Statistics

Overview

Insolvencies by Month

Total number of insolvencies by month.

Insolvencies by Sector

The total number of insolvencies by sector YTD.

Want to explore the data for yourself?

Methodology

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