Individual Insolvency Statistics, May 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, 9,266 individuals entered insolvency in England & Wales in May 2024. This was 4% lower than in April 2024 and 3% higher than in May 2023.
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The individual insolvencies consisted of 604 bankruptcies, 3,716 debt relief orders (DROs) and 4,946 individual voluntary arrangements (IVAs). The number of IVAs registered in May was lower than the numbers seen over the past 12 months. The number of DROs in May 2024 increased compared to April 2024, which had already set a record high in the monthly time series going back to their introduction in 2009. The higher DRO numbers in April and May 2024 coincided with the removal of the £90 administration fee to obtain a DRO from 6 April 2024. Bankruptcy numbers remained at about half of pre-2020 levels, lower than in the past 12 months and slightly lower than in May 2023.
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In the 12 months ending 31 May 2024, one in 463 adults in England & Wales entered insolvency (a rate of 21.6 per 10,000 adults). This is lower than the rate of 23.9 per 10,000 adults (1 in 418) who entered insolvency in the 12 months ending 31 May 2023.
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There were 7,652 Breathing Space registrations in May 2024. This is 14% higher than in May 2023.