Monthly Insolvency Statistics, February 2024
Monthly company and individual insolvency statistics for England and Wales, as well as Northern Ireland, and monthly company statistics for Scotland. For England and Wales, Breathing Space scheme statistics and the numbers of company moratoriums and restructuring plans are also included.
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Details
Main Messages for England and Wales
Company Insolvencies
The number of registered company insolvencies in February 2024 was 2,102, 17% higher than in the same month in the previous year (1,801 in February 2023). This was higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers.
The company insolvencies consisted of 217 compulsory liquidations, 1,707 creditors’ voluntary liquidations (CVLs), 166 administrations and 12 company voluntary arrangements (CVAs). Numbers of compulsory liquidations, CVLs, and administrations were higher than in February 2023.
Individual Insolvencies
For individuals, the total number of insolvencies in February 2024 was 10,136, 23% higher than in the same month in the previous year (8,239 in February 2023).
The individual insolvencies consisted of 709 bankruptcies, 3,007 debt relief orders (DROs) and 6,420 individual voluntary arrangements (IVAs). The higher number of individual insolvencies compared to February 2023 was driven by a 44% increase in the number of DROs, and 16% increases in both the number of bankruptcies and IVAs. Numbers in February include an unusually high number of IVAs (more than 1,000) that were approved more than two months earlier, but were not registered until February 2024.
There were 8,073 Breathing Space registrations in February 2024, which is 10% higher than the number registered in February 2023. 7,964 were Standard breathing space registrations, which is 11% higher than in February 2023, and 109 were Mental Health breathing space registrations, which is 22% lower than the number in February 2023.