Individual Insolvency Statistics, July 2024
Monthly individual insolvency statistics for England and Wales, as well as Northern Ireland, and quarterly statistics for Scotland. For England and Wales, Breathing Space scheme statistics are also included.
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As of the July 2024 Individual Insolvency Statistics release, Table 7b (Individual voluntary arrangements by case firm) of the accompanying data tables has temporarily been removed. This is due to inconsistencies and issues with how data is recorded that have been discovered following an update to the Insolvency Service’s administrative database. Therefore, until a time that these issues can be corrected and we are confident in the reliability and accuracy of the data, the table will not be published.
Main Messages for England and Wales
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After seasonal adjustment, 10,524 individuals entered insolvency in England & Wales in July 2024. This was similar to the numbers seen in June 2024 and 24% higher than in July 2023.
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The individual insolvencies consisted of 634 bankruptcies, 4,163 debt relief orders (DROs) and 5,727 individual voluntary arrangements (IVAs). The last four months have all seen the highest monthly numbers of DROs since their introduction. This comes after the removal of the £90 administration fee to obtain a DRO from 6 April 2024 and the expanding eligibility criteria for DROs in June 2024. The number of IVAs registered in July was similar to June 2024 and 12% higher than in July 2023. Bankruptcy numbers remained at about half of pre-2020 levels, but similar levels to those seen in the past 12 months.
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In the 12 months ending 31 July 2024, one in 442 adults in England & Wales entered insolvency (a rate of 22.6 per 10,000 adults). This is lower than the rate of 23.3 per 10,000 adults (1 in 429) who entered insolvency in the 12 months ending 31 July 2023.
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There were 7,369 Breathing Space registrations in July 2024. This is 5% lower than in July 2023.