Insolvency statistics released for June 2024
The insolvency statistics released for June 2024 show that of the 2,361 registered company insolvencies:
- There were 302 compulsory liquidations
- 1,866 creditors’ voluntary liquidations (CVLs)
- 1170 administrations
- 23 company voluntary arrangements (CVAs).
Individual Insolvencies
10,395 individuals entered insolvency in England & Wales in June 2024. This This was 11% higher than in May 2024 and 33% higher than in June 2023.
The individual insolvencies consisted of
- 651 bankruptcies
- 4,383 debt relief orders (DROs)
- 5,361 individual voluntary arrangements (IVAs)
- The number of IVAs registered in June was similar to the numbers seen over the past 12 months. The number of DROs in June 2024 increased compared to May 2024, which had already set a record high in the monthly time series going back to their introduction in 2009. Bankruptcy numbers remained at about half of pre-2020 levels, but similar levels to those seen in the last 12 months.
- In the 12 months ending 30 June 2024, one in 457 adults in England & Wales entered insolvency (a rate of 21.9 per 10,000 adults). This is lower than the rate of 23.4 per 10,000 adults (1 in 427) who entered insolvency in the 12 months ending 30 June 2023.
Debt Relief Orders
Individual Voluntary Arrangements
Breathing Space Registrations
- There were 6,970 Breathing Space registrations in June 2024. This is 12% lower than in June 2023.
- Of the 6,970 breathing space registrations, 6,874 were Standard breathing space registrations and 96 were Mental Health breathing space registrations. Between the start of the scheme in May 2021 and 30 June 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 June 2024 published 19th July 2024 – see the full report here