The number of registered company insolvencies in October 2021 was 1,405:

• 63% higher than the number registered in the same month in the previous year (864 in October 2020), but
• 5% lower than the number registered two years previously (pre-pandemic; 1,480 in October 2019).

In October 2021 there were 1,248 Creditors’ Voluntary Liquidations (CVLs), which is slightly higher than pre-pandemic levels. The number of registered company insolvencies was similar to pre-pandemic levels, driven by this higher number of CVLs, although other types of company insolvencies, such as compulsory liquidations, remained lower.

For individuals, 601 bankruptcies were registered, which was 44% lower than October 2020 and 57% lower than October 2019. The number of bankruptcies was the lowest monthly number since the start of the time series in January 2019.

There were 1,937 Debt Relief Orders (DROs) in October 2021. Following changes to the eligibility criteria on 29 June 2021 including an increase in the level of debt at which people can apply for a DRO from £20,000 to £30,000, DRO numbers were higher between July and October 2021 than in previous months since the start of the COVID-19 pandemic. The number of DROs registered in October 2021 was 23% higher than October 2020 but remained lower than pre-pandemic levels (23% lower than in October 2019).

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