Individual insolvencies statistics by location, age and gender - 2023
The 2023 individual insolvencies statistics by location, age and gender for England and Wales have been published by The Insolvency Service.
Individual insolvency rates for England and Wales 2023
The total insolvency rate in England and Wales in 2023 was 21.7 per 10,000 adults, a rate decrease of 3.2 per 10,000 adults from 2022. Compared to the five-year average, the rate of insolvency in 2023 was 2.8 per 10,000 lower. The lower rate in 2023 compared to 2022 was driven by a lower number of IVAs compared to the record-high number in 2022.
Bankruptcies
In 2023, the rate of bankruptcy was 1.6 per 10,000 adults in England and Wales, which is over a third lower than the five-year average of 2.6 per 10,000 adults. The bankruptcy rate increased slightly from the record low in 2022 for the time series, which started in 2000.
DROs
In 2023, the rate of DROs was 6.6 per 10,000 adults in England and Wales, nearly double (3.4 higher than) than the five-year average rate. The number of DROs in 2023 was the highest annual number since the introduction of DROs in 2008.
IVAs
Individual voluntary arrangements (IVAs) continued to account for the majority (62%) of individual insolvencies in England and Wales, although they made up a smaller proportion than in 2022. In 2023, the rate of IVAs was 13.4 per 10,000 adults in England and Wales, which was the lowest since 2017 and 3.4 per 10,000 adults lower than the five-year average rate of IVAs.
Individual insolvency rates 2023 by region
The North East continued to have the highest rate of insolvency in England and Wales, with 28.7 insolvencies per 10,000 adults. It has been the region with the highest rate of insolvency each year since 2008. As has been the case each year since 2009, the North East had the highest rate of IVAs (17.4 per 10,000 adults) and also the highest DRO rate (9.5) for the eighth year in a row.
London continued to have the lowest rate of insolvency per 10,000 adults (13.9) and has been the region with the lowest rates of insolvency since the series began in 2000. London was also the English region with the lowest rates of DROs (3.6), IVAs (8.8) and bankruptcies (1.4).
The other regions of England, as well as Wales, had total insolvency rates ranging from 19.6 in the South East to 25.0 in the North West and Yorkshire and the Humber.
Bankruptcies
The South West had the highest rate of bankruptcies in 2023 at 2.1 per 10,000 adults. Wales had a lower bankruptcy rate than any of the English regions at 1.4, with the rate in London slightly higher. All regions saw lower bankruptcy rates in 2023 compared to the five-year average.
DROs
The North East had the highest DRO rate in 2023 at 9.5 per 10,000 adults. This was 2.9 higher than the overall rate for England and Wales. This was the eighth successive year in which the North East had the highest DRO rate. London had the lowest rate in 2023 at 3.6 per 10,000 and has been the region with the lowest rate in each year since the introduction of DROs in 2009.
IVAs
The North East had the highest IVA rate in 2023 at 17.4 per 10,000 adults. This was 4.0 higher than the overall rate for England and Wales. London continued to have the lowest rate in 2023 with 8.8 per 10,000 adults. London has had the lowest IVA rate each year since comparable records began in 2000, while the North East has had the highest rate each year since 2009.
Individual insolvency rates 2023 by gender
In 2023, the insolvency rate for women (23.3 per 10,000 adults) was higher than for men (19.6 per 10,000 adults) for the tenth successive year. This represents a gender gap of 3.7, per 10,000 adults, 1.3 lower than in 2022.
The gender gap is the difference between the female and male insolvency rate per 10,000 adults. A positive gender gap indicates that the female insolvency rate is higher than the male insolvency rate.
The gender gap of 3.7 in 2023 is mostly driven by the higher DRO rate for women compared to men.
- Bankruptcies accounted for 5% of insolvencies for women and 11% for male
- DROs accounted for 36% of insolvencies among women and 23% among men.
- IVAs accounted for the highest proportion of both male and female insolvencies (66% for men, 60% for women).
Individual insolvency rates 2023 by age and gender
In 2023, the distribution of insolvency rates by age remained broadly similar to previous years. Insolvency rates were highest for adults between 25 and 44 and lowest for adults aged 65 and over. This has been the case since 2006. The long-term trend shows an increase in insolvency rates for younger adults (18 to 34 year-olds) and a decrease for older adults (55 years and older).
Bankruptcies
In 2023, bankruptcy rates were lower in younger adults, peaked for those aged 35 to 54, then dropped again in older adults. This was the same trend seen since 2006 and was similar to the trend observed for the overall individual insolvency rates.
The rate of bankruptcy per 10,000 adults was higher for men than for women in all age groups, but the gap between rates varied by age group. Men aged between 25 and 34 were 69% more likely to become bankrupt than women in the same age group. This ratio increased with age, with men over 55 being more than twice as likely to become bankrupt than women in the same age group.
DROs
In 2023, women had a higher rate of DROs than men in all age groups except over 65s. This pattern was also observed in previous years. Women aged 18 to 34 were twice as likely to have a DRO than men of the same age.
Women aged between 25 and 34 had the highest rate of DROs in 2023 with a rate of 13.7 per 10,000 adults. This was also true each year between 2019 and 2021, however in 2022 women aged 35 to 44 had the highest rate. For men, the 35 to 44 age group had the highest rate of DROs, with a rate of 7.3 per 10,000 adults.
IVAs
In 2023, women had a slightly higher IVA rate than men for all ages under 55. This pattern was also observed in previous years.
The 35 to 44 age group had the highest IVA rate, at 26.9 per 10,000 adults, while the over 65 age group had the lowest rate at 1.3 per 10,000 adults. The IVA rate per 10,000 adults was slightly higher for women than for men in all age groups except the 55 to 64 and 65 and over groups.
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
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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.
See also
Individual insolvency statistics - February 2025
Find out more
Individual Insolvencies by Location, Age and Gender, England and Wales, 2023 (GOV.UK)
Images
Abode Stock
Publication date
1 April 2025
Any opinion expressed in this article is that of the author and the author alone, and does not necessarily represent that of The Gazette.