There were a total 1,966 company insolvencies across England and Wales during November, according to the latest figures published by the Insolvency Service.

This was 13% up on the previous month but was 12% lower than November 2023.

The latest number of insolvencies still remained much higher than those seen both during the COVID pandemic and between 2014 and 2019.

Company insolvencies in November consisted of 254 compulsory liquidations, 1,565 creditors’ voluntary liquidations (CVLs), 132 administrations, 14 company voluntary arrangements (CVAs) and one receivership appointment. All types of insolvency, except for receivership appointments, were up on their level in October.

Partner in the restructuring and recovery team at Evelyn Partners, Mark Ford, commented: “Today’s gloomy update on company insolvencies underlines the difficult tightrope that many businesses currently need to navigate.

“Coming hot on the heels of the news on Friday that the economy had shrunk in October for the second month in a row and wider concerns about the government’s plan for growth, festive cheer is in short supply for many businesses at the moment.

“Unfortunately, as we head into 2025 businesses are unlikely to see the challenging trading conditions easing anytime soon. The new year sees the significant tax hikes announced by the Chancellor in the last Budget come into effect which will leave many firms in a perilous position.”

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