Insolvency statistics released for March 2024
The insolvency statistics released for March 2024 show that of the 1785 registered company insolvencies:
- 1,436 were CVLs which is 29% lower than in March 2023
- 228 were compulsory liquidations which is 25% lower than March 2023
- There were 112 administrations which is 23% lower than March 2023
- 9 were CVAs, a decrease from 13 in March 2023
For individuals, the total number of insolvencies in March 2024 was 9,057, 21% lower than in March 2023.
The individual insolvencies consisted of:
- 664 bankruptcies
- 2,592 Debt Relief Orders (DROs)
- 5,801 Individual Voluntary Arrangements (IVAs)
The lower number of total insolvencies compared to this time last year was driven by a drop in DROs, IVAs and bankruptcies.
In the 12 months ending 31 March 2024, one in 470 adults in England & Wales entered insolvency (a rate of 21.3 per 10,000 adults). This is lower than the individual insolvency rate of 24.3 per 10,000 adults (1 in 412) who entered insolvency in the 12 months ending 31 March 2023.
Breathing Space Registrations
There were 7,710 Breathing Space registrations in March 2024. This is 7% lower than in March 2023. Of these:
- 7,610 were Standard breathing space registrations, which is 6% lower than in March 2023
- 100 were Mental Health breathing space registrations, which is 42% lower than in March 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 March 2024 published 26th April 2024 – see the full report here