The number of registered company insolvencies in England and Wales in March 2021 was 992, a year-on-year decline of 20%.
The total comprised 883 CVLs, 25 compulsory liquidations, 74 administrations, and 10 CVAs.
This represents an 86% decline in compulsory liquidations, a 3% fall in CVLs, and a 44% decrease to both CVAs and administrations when compared to March 2020.
As for Scotland, which has a partly devolved insolvency legislation, company insolvencies dropped 43% year-on-year to 43 in March 2021.
Included in the 43 insolvencies were 11 compulsory liquidations, 27 CVLs, four administrations, and one CVA.
A similar pattern occurred in Northern Ireland, with March 2021’s seven company insolvencies representing a 77% year-on-year fall.
Individual insolvencies across England and Wales declined 31% to 1,591 DROs and 1,028 bankruptcies in March 2021.
The Insolvency Service claimed that the reduced insolvencies are “likely to be in part driven by the range of government support” put in place during the pandemic.