Individual insolvencies, December 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
Annual Summary for 2024
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The number of individual insolvencies registered in 2024 was 117,947, 14% higher than the 103,434 in 2023. This includes Debt relief orders (DROs) highest annual level since their introduction in 2009, following the abolition of the upfront £90 fee in April 2024, and expansion of the DRO eligibility criteria in June 2024.
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The number of individual voluntary arrangements (IVAs) in 2024 was slightly higher than 2023, which saw the lowest annual number of IVAs since 2017. Bankruptcy numbers were similar to 2023, but remained less than half of pre-2020 levels.
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In 2024, one in 415 adults in England and Wales entered insolvency (at a rate of 24.1 per 10,000 adults). This is higher than the rate of 21.4 per 10,000 adults (one in 467) who entered insolvency in 2023.
Monthly Summary for December 2024
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After seasonal adjustment, 10,050 individuals entered insolvency in England and Wales in December 2024. This was similar to November 2024 and 23% higher than in December 2023.
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The individual insolvencies consisted of 549 bankruptcies, 3,473 DROs and 6,028 IVAs. The number of DROs in December 2024 was 5% lower than in November, continuing a decline from the record high numbers seen between April and September 2024. The number of IVAs registered in December was 10% higher than the average monthly number seen in 2024. Bankruptcy numbers remained at about half of pre-2020 levels and were also lower than in December 2023.
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There were 5,650 Breathing Space registrations in December 2024. This is 2% lower than in December 2023.