Individual Insolvency Statistics, June 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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Details
Main Messages for England and Wales
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After seasonal adjustment, 10,395 individuals entered insolvency in England & Wales in June 2024. This was 11% higher than in May 2024 and 33% higher than in June 2023.
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The individual insolvencies consisted of 651 bankruptcies, 4,383 debt relief orders (DROs) and 5,361 individual voluntary arrangements (IVAs). The number of DROs in June 2024 increased compared to May 2024, which had already set a record high in the monthly time series going back to their introduction in 2009. The higher DRO numbers since April 2024 coincided with the removal of the £90 administration fee to obtain a DRO from 6 April 2024. The number of IVAs registered in June was similar to the numbers seen over the past 12 months. Bankruptcy numbers remained at about half of pre-2020 levels, but similar levels to those seen in the last 12 months.
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In the 12 months ending 30 June 2024, one in 457 adults in England & Wales entered insolvency (a rate of 21.9 per 10,000 adults). This is lower than the rate of 23.4 per 10,000 adults (1 in 427) who entered insolvency in the 12 months ending 30 June 2023.
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There were 6,970 Breathing Space registrations in June 2024. This is 12% lower than in June 2023.