Northern Irish business and personal insolvencies fall in latest quarter

Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies decreased in Quarter 1 (Q1) of 2023. The figures showed that there were 40 business insolvencies in Northern Ireland in Q1 2023, a decrease of 29% from the same quarter of 2021.

The insolvencies comprised 28 CVLs, four compulsory liquidations, two administrations and six CVAs. There were no administrative receiverships

The total liquidation rate in the 12 months ending Q1 2023 in Northern Ireland was 24.8 per 10,000 active companies. This was an increase of 5.7 (from a rate of 19.1 per 10,000 active companies) from the 12 months ending Q1 2022.

The personal insolvency figures showed that there were 410 individual insolvencies in Northern Ireland in Q1 6% down on the same quarter of 2022.

The personal insolvencies comprised of 321 IVAs, 58 DROs and 31 bankruptcies.