Accredited official statistics
Individual Insolvency Statistics: July to September 2023
Statistics on new individual insolvencies in England and Wales, and related statistics for Scotland and Northern Ireland
Documents
Details
- After seasonal adjustment, the number of individual insolvencies in July to September (Q3) 2023 was 6% lower than in Q2 2023. The number of debt relief orders (DROs) was the highest quarterly number since their introduction in 2009. Bankruptcies also increased, but individual voluntary arrangements (IVAs) were lower. The total number of individual insolvencies was 15% lower than in Q3 2022.
- One in 441 adults (at a rate of 22.7 per 10,000 adults) entered insolvency between 1 October 2022 and 30 September 2023. This is a decrease from the 24.7 per 10,000 adults who entered insolvency in the 12 months ending 30 September 2022.
- There were 23,089 Breathing Space registrations in Q3 2023. This is 26% higher than in Q3 2022. Of the 23,089 Breathing Space registrations, 22,722 were Standard Breathing Space registrations and 367 were Mental Health Breathing Space registrations.
While there has been a long-term decline in bankruptcy numbers, the first three quarters of 2023 saw a slight increase from the 40-year low annual number in 2022. DRO numbers increased in Q3 2023 to the highest quarterly level since their introduction in 2009. IVA numbers continued to decline, although lower numbers in Q3 2023 were partly caused by delays to the Insolvency Service being notified of some IVAs approved in August and the first half of September.