Individual insolvencies, October 2024
Monthly tables and commentary on the numbers and rates of individual insolvencies, including bankruptcies, debt relief orders and individual voluntary arrangements in England and Wales and Northern Ireland, and quarterly information for Scotland. For England and Wales, Breathing Space scheme statistics are also included.
Documents
Details
Main messages for England and Wales
-
After seasonal adjustment, 8,952 individuals entered insolvency in England and Wales in October 2024. This was 14% lower than in September 2024, but similar to October 2023.
-
The individual insolvencies consisted of 596 bankruptcies, 3,793 debt relief orders (DROs) and 4,563 individual voluntary arrangements (IVAs). Monthly DRO numbers between April and October 2024 were at record highs. This followed the removal of the £90 administration fee to obtain a DRO from 6 April 2024. The number of IVAs registered in October was lower than the average monthly number seen over the past 12 months. Bankruptcy numbers remained at about half of pre-2020 levels and were also lower than in October 2023.
-
In the 12 months ending 31 October 2024, one in 427 adults in England and Wales entered insolvency (at a rate of 23.4 per 10,000 adults). This is higher than the rate of 22.3 per 10,000 adults (one in 448) who entered insolvency in the 12 months ending 31 October 2023.
-
There were 7,099 Breathing Space registrations in October 2024. This is 7% lower than in October 2023.