Insolvency statistics released for July 2024
The insolvency statistics released for July 2024 show that of the 2,191 registered company insolvencies:
- There were 320 compulsory liquidations
- 1,691 creditors’ voluntary liquidations (CVLs)
- 155 administrations
- 25 company voluntary arrangements (CVAs).
Individual Insolvencies
10,524 individuals entered insolvency in England & Wales in July 2024. This This was 0% higher than in June 2024 and 24% higher than in July 2023.
The individual insolvencies consisted of
- 634 bankruptcies
- 4,161 debt relief orders (DROs)
- 5,5727 individual voluntary arrangements (IVAs)
- The number of IVAs registered in July was similar to June 2024 and 12% higher than in July 2023. Bankruptcy numbers remained at about half of pre-2020 levels, but similar levels to those seen in the past 12 months.
- In the 12 months ending 31 July 2024, one in 442 adults in England & Wales entered insolvency (a rate of 22.6 per 10,000 adults). This is lower than the rate of 23.3 per 10,000 adults (1 in 429) who entered insolvency in the 12 months ending 31 July 2023.
Debt Relief Orders
Individual Voluntary Arrangements
Breathing Space Registrations
- There were 7,369 breathing spaces registered under the Debt Respite Scheme in July 2024. This is 5% lower than in July 2023.
- Of the 7,369 breathing space registrations, 7,244 were Standard breathing space registrations and 125 were Mental Health breathing space registrations. Between the start of the scheme in May 2021 and 31 July 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 June 2024 published 20th August 2024 – see the full report here