Northern Irish business and personal insolvencies increase

Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers increased in May.

In May 2021 there were seven business insolvencies registered in Northern Ireland, 40% higher than in May 2020 but 83% lower than May 2019. This comprised of one compulsory liquidation and six CVLs.. There were no administrations, CVAs, or receivership appointments.

Overall, the number of registered business insolvencies have remained lower than pre-pandemic levels since the start of the first UK lockdown in March 2020.

Personal Insolvency figures also indicated an increase with  194 personal insolvencies in Northern Ireland in May 2021 this was 120% higher than May 2020 but 18% lower than May 2019. Personal insolvency numbers consisted of 156 IVAs, 26 DROs and 12 bankruptcies.

It should be noted that the number of personal insolvencies in May 2020 was particularly low, following no individual insolvencies in April 2020, so comparisons to this month may not be valid.

Overall, numbers of personal insolvencies have remained lower than pre-pandemic levels since the start of the first UK lockdown in March 2020.