Individual Insolvency Statistics, March 2024
Statistics on new individual insolvencies in England and Wales, and related statistics for Scotland and Northern Ireland
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This publication relates to individual insolvency only. Statistics relating to company insolvency can be found on the company insolvency releases page. These new monthly publications contain some additional information that was previously only released quarterly, such as seasonally adjusted numbers and rates of insolvency per 10,000 companies. This is in accordance with the plans announced following a user consultation. Archived monthly publications can be found here.
Main Messages for England and Wales
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After seasonal adjustment, 8,708 individuals entered insolvency in England & Wales in March 2024. This was 19% lower than in February 2024 and 9% lower than in March 2023.
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The individual insolvencies consisted of 681 bankruptcies, 2,628 debt relief orders (DROs) and 5,399 individual voluntary arrangements (IVAs). The number of IVAs registered in March was similar to numbers seen over the past 12 months. DRO numbers were slightly lower than the record high monthly numbers seen in the second half of 2023, but remained high compared to historical levels. The number of bankruptcies was similar to the past nine months and slightly higher than in March 2023. However, bankruptcy numbers remained at about half of pre-2020 levels.
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In the 12 months ending 31 March 2024, one in 470 adults in England & Wales entered insolvency (a rate of 21.3 per 10,000 adults). This is lower than the individual insolvency rate of 24.3 per 10,000 adults (1 in 412) who entered insolvency in the 12 months ending 31 March 2023.
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There were 7,710 Breathing Space registrations in March 2024. This is 7% lower than in March 2023.