First Time Administrations January, February, & March 2026

The new year data reinforces that this elevated cycle is continuing. While January in fact dipped below the average momentum then rebuilt quickly. February rose to 1,260 appointments against an average of 809, and March remained elevated at 1,306 compared to 953. Rather than easing after December, activity has pushed higher again, continuing to track well above historical norms.

For now, conditions continue to point to an environment where insolvency levels remain structurally higher than what we’ve been accustomed to over the past eight years.