The June 2024 individual insolvency stats for England and Wales have been published by The Insolvency Service, together with related figures for Scotland and Northern Ireland.

Individual insolvency statistics for England and Wales – June 2024

In June 2024, 10,395 individuals entered insolvency in England & Wales. This was 11% higher than in May 2024 and 33% higher than in June 2023. The total amount of individual insolvencies consisted of:

• 5,361 individual voluntary arrangements (IVAs)
• 4,383 debt relief orders (DROs)
• 651 bankruptcies

In the 12 months to 30 June 2024, 57% of individual insolvencies were IVAs, 35% were DROs, and 7% were bankruptcies.

IVAs

The number of IVAs was 8% higher than May 2024 and 14% higher than June 2023 after seasonal adjustment.

IVA numbers over the past year have been lower than the record high annual number seen in 2022.

DROs

The number of DROs in June 2024 were more than double (107% higher) than the long-term (2014 to 2023) monthly average.

Bankruptcies

The number of bankruptcies in June 2024 was slightly lower than the numbers over the past 12 months. Bankruptcy numbers have declined since 2009 and fell further during the COVID-19 pandemic.

Bankruptcies in June 2024 consisted of:

• 493 resulting from debtors’ applications, which was similar to the number in May 2024 and 5% lower than in June 2023.
• 158 resulting from creditors’ petitions, which was 22% higher than in May 2024 and 18% higher than in June 2023.

Individual insolvency rate statistics for England and Wales – June 2024

The individual liquidation rate in the 12 months to June 2024 was 21.9 per 10,000 adults in England and Wales. This corresponds to 1 in 457 adults having entered an insolvency procedure in the past 12 months.

The rate in the 12 months to June 2024 was lower than the rate in the 12 months to June 2023. This was driven by a decline in IVA numbers since the second half of 2023, which exceeded increases in DRO and bankruptcy numbers.

Individual insolvency statistics for Scotland – Q1 2024

The Accountant in Bankruptcy (AiB), Scotland’s Insolvency Service, administers individual insolvency in Scotland. The AiB produces individual insolvency statistics on a quarterly basis. Therefore, the numbers in this section are updated once every three months only.

In Q1 2024, there were 1,884 individual insolvencies in Scotland, which was slightly lower than in the same quarter of 2023. The individual insolvencies were comprised of:

• 1,281 protected trust deeds
• 603 sequestrations (of which 343 went into bankruptcy via the minimal asset process route)

Individual insolvency statistics for Northern Ireland – June 2024

In Northern Ireland in June 2024, there were 126 individual insolvencies, which was 21% lower than in June 2023. Of the total individual insolvencies, there were:

• 87 IVAs
• 21 DROs
• 18 bankruptcies

Please note, individual insolvency in Northern Ireland is governed by separate, but broadly similar, legislation to England and Wales, and so figures are presented separately.

Where can I see insolvency notices in The Gazette?

The Gazette is the primary source of both corporate insolvency and personal insolvency information in the UK and publishes this information in the form of insolvency notices, allowing transparency for the public, the credit industry and concerned individuals to quantify risk and inform creditors. You can view all corporate and personal insolvency notices on The Gazette website.

The Gazette also provides a Data Service which provides timely official company, insolvency and deceased estates information to aid data driven decision-making. As the UK’s official public record, our authorised data can help your business with:

• KYC/due diligence
• risk management
• regulatory compliance
• business development
• business intelligence and strategy

For more information on The Gazette Data Service, contact the team on 01603 985949, email data@thegazette.co.uk or click on the link below.

Enquire now

Next insolvency statistics release

Figures for July 2024 will be released on 20 August 2024.

You can see all personal insolvency notices in The Gazette.

See also

Company insolvency statistics – June 2024

Individual insolvency statistics - May 2024

Find out more

Individual Insolvency Statistics June 2024 (GOV.UK)

The Insolvency Service (GOV.UK)

Accountant in Bankruptcy (AiB)

Images

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Publication date

15 August 2024