Insolvency statistics released for August 2024
The insolvency statistics released for August 2024 show that of the 1,953 registered company insolvencies:
- There were 279 compulsory liquidations
- 1,542 creditors’ voluntary liquidations (CVLs)
- 112 administrations
- 20 company voluntary arrangements (CVAs).
Individual Insolvencies
10,000 individuals entered insolvency in England & Wales in August 2024. This This was 5% lower than in July 2024 and 16% higher than in August 2023.
The individual insolvencies consisted of
- 594 bankruptcies
- 4,166 debt relief orders (DROs)
- 5,240 individual voluntary arrangements (IVAs)
- IVA numbers over the past 12 months have been lower than during 2022, which saw a record high annual number. The 5,240 IVAs (after seasonal adjustment) registered in August 2024 was 1% higher than in August 2023, but 9% lower than in July 2024.
- In the 12 months ending 31 August 2024, one in 441 adults in England and Wales entered insolvency (a rate of 22.7 per 10,000 adults). This is slightly lower than the rate of 23.0 per 10,000 adults (1 in 435) who entered insolvency in the 12 months ending 31 August 2023.
Debt Relief Orders
Individual Voluntary Arrangements
Breathing Space Registrations
- There were 7,256 breathing spaces registered under the Debt Respite Scheme in August 2024. This is 5% lower than in August 2023.
- Of the 7,256 breathing space registrations, 7,138 were Standard breathing space registrations and 118 were Mental Health breathing space registrations. Between the start of the scheme in May 2021 and 31 August 2024, StepChange Debt Charity registered 61% 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 August 2024 published 20th September 2024 – see the full report here