Latest quarterly statistics from the Insolvency Service have shown that Northern Irish business insolvencies increased by 273% whilst personal insolvency figures also rose slightly.
The figures indicated that there were 56 company insolvencies in Northern Ireland in Quarter 1 2022 (Q1), nearly four times higher (an increase of 273%) than in the same quarter of 2021.
The insolvencies comprised 28 CVLs, 19 compulsory liquidations, five administrations, three CVAs and one administrative receivership.
Meanwhile, there were 434 personal insolvencies in Northern Ireland, 2% up on the same quarter of 2021.
The personal insolvency figures comprised 333 IVAs, 56 DROs and 45 bankruptcies.
Total personal insolvencies were higher in Q1 2022 than in Q1 2021 but were lower than pre-pandemic levels