Northern Irish business and personal insolvencies increase

Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies increased in Quarter 4 (Q4) of 2022.

The figures showed that there were 50 business insolvencies in Northern Ireland in Q4 2022, an increase of 56% from the same quarter of 2021. The insolvencies comprised 39 CVLs, four compulsory liquidations, five administrations and two CVAs.

There was no administrative receivership The total liquidation rate in 2022 in Northern Ireland was 27.1 per 10,000 active companies. This is an increase of 13.0 (from a rate of 14.1 per 10,000 active companies) from 2021.

Separately there were 430 personal insolvencies in Northern Ireland, which was 14% higher than Q4 2021.

The personal insolvency figures comprised of 388 IVAs, 27 DROs and 15 bankruptcies.