Enterprise Nation responds to a reported spike in insolvency figures in England and Wales

Insolvency Service data released in October 2023 showed 6,342 companies were registered as insolvent in the three months to the end of June, 10% more compared to the same quarter in 2022.

The organisation said it was the highest number since the second quarter of 2009. But the data also revealed after seasonal adjustment, the number of company insolvencies in Q3 2023 was 2% lower than in Q2 2023.

The Insolvency Service data also showed that the number of people registering for "breathing space" from their debts jumped by 26% over the three months to the end of June compared to Q2 2022.

Daniel Woolf, Enterprise Nation's head of policy and government relations, said:

"While these figures are worrying, they should be seen in context.

"In the first half of 2023, half a million new companies were registered with Companies House. Many often go on to start another company after their business fails – taking all the lessons and learnings this experience brings.

"It's also clear that we must focus on nurturing a new pipeline of start-ups, because they will be the next generation of growth-creating businesses that will boost and support our future economy."