Individual Voluntary Arrangements Outcomes and Providers 2023
Statistics on the outcome status and providers of individual voluntary arrangements registered in England and Wales.
Applies to England and Wales
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In 2023, 64,050 IVAs were registered in England and Wales. This is lower than the record high number of 87,865 seen in 2022, and a reversal of the increasing trend in individual voluntary arrangement (IVA) numbers seen since 2015. Five firms accounted for more than half of new IVAs registered in 2023.
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In England and Wales, one in 18 IVAs (5.6%) registered with the Insolvency Service in 2022 terminated within one year of being approved. This was similar to the one-year termination rate for IVAs registered in 2021, but higher than the record-low one-year termination rate in 2020, which coincided with temporary support measures in response to the COVID-19 pandemic.
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The two-year termination rate for IVAs registered in 2021 was 14.4%, which was higher than for IVAs registered in the two preceding years. However, the three-year IVA termination rate for IVAs registered in 2020 was 15.8%, which was the lowest since 2013.
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Termination rates over the lifetime of an IVA increased from approximately one in four (25%) for IVAs registered between 2013 and 2014 to one in three (33%) for IVAs registered between 2016 and 2018. Many IVAs registered in 2019 or later remained ongoing as at 31 December 2023, so a definitive trend cannot yet be established, but there are preliminary indications of a decline in lifetime termination rates.