Insolvency statistics released for April 2024
Company Insolvencies
The insolvency statistics released for April 2024 show that of the 2177 registered company insolvencies:
- Company insolvencies in April 2024 consisted of 300 compulsory liquidations
- 1,715 creditors’ voluntary liquidations (CVLs)
- 144 administrations
- 18 company voluntary arrangements (CVAs).
Numbers of all types of company insolvency were higher than in both April 2023 (18% higher) and March 2024.
Individual Insolvencies
9,651 individuals entered insolvency in England & Wales in April 2024. This was 10% higher than in March 2024 and 5% higher than in April 2023.
The individual insolvencies consisted of
- 648 bankruptcies
- 3,436 debt relief orders (DROs)
- 5,567 individual voluntary arrangements (IVAs).
- The number of IVAs registered in April was similar to numbers seen over the past 12 months. The number of DROs in April 2024 was a record high in the monthly time series going back to their introduction in 2009. This coincided with the removal of the £90 administration fee to obtain a DRO from 6 April 2024. The number of bankruptcies was similar to the past nine months and slightly higher than in April 2023. However, bankruptcy numbers remained at about half of pre-2020 levels.
- In the 12 months ending 30 April 2024, one in 463 adults in England & Wales entered insolvency (a rate of 21.6 per 10,000 adults). This is lower than the individual insolvency rate of 24.1 per 10,000 adults (1 in 415) who entered insolvency in the 12 months ending 30 April 2023.
Breathing Space Registrations
- There were 7,649 Breathing Space registrations in April 2024. This is 16% higher than in April 2023.
- Of the 7,649 breathing space registrations, 7,547 were Standard breathing space registrations and 102 were Mental Health breathing space registrations. Between the start of the scheme in May 2021 and 30 April 2024, StepChange Debt Charity registered 62% of breathing spaces.
We publish a summary of the reports here each month. For advice relating to support, insolvency or recovery options, please contact Isobel Brett for further information and guidance.
* This content and data was reported in full in the Insolvency Service Statistics for April 2024 published 17th May 2024 – see the full report here