Insolvency statistics released for February 2024
Of the 2,102 registered company insolvencies in February 2024:
- There were 1,707 CVLs which is 12% higher than in February 2023
- 217 were compulsory liquidations which is 35% higher than in February 2023
- There were 166 administrations which is 54% higher than in February 2023
- 12 were CVAs which is the same as in February 2023
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)
- 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.
Breathing Space Registrations
In February 2024 there were 8,073 breathing space registrations. This is 10% higher than the number in February 2023.
Of the 8,073 Breathing Space registrations in February 2024:
- There were 7,964 Standard breathing space registrations, which is 11% higher than the number in February 2023.
- There were 109 Mental Health breathing space registrations, which is 22% lower than the number in February 2023.
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 February 2024 published 15th March 2024 – see the full report here