Insolvency statistics released for May 2024
The insolvency statistics released for May 2024 show that of the 2,006 registered company insolvencies:
- There were 271 compulsory liquidations
- 1,590 creditors’ voluntary liquidations (CVLs)
- 126 administrations
- 19 company voluntary arrangements (CVAs).
Individual Insolvencies
9,266 individuals entered insolvency in England & Wales in May 2024. This was 4% lower than in April 2024 and 3% higher than in May 2023.
The individual insolvencies consisted of
- 604 bankruptcies
- 3,716 debt relief orders (DROs)
- 4,946 individual voluntary arrangements (IVAs)
- The number of IVAs registered in May was similar to numbers seen over the past 12 months. The number of DROs in May 2024 was again a record high in the monthly time series going back to their introduction in 2009. The number of bankruptcies was the lowest it has been since April 2023.
- In the 12 months ending 31 May 2024, one in 463 adults in England & Wales entered insolvency (a rate of 21.6 per 10,000 adults). This is lower than the rate of 23.9 per 10,000 adults (1 in 418) who entered insolvency in the 12 months ending 31 May 2023.
Debt Relief Orders
Individual Voluntary Arrangements
Breathing Space Registrations
- There were 7,652 Breathing Space registrations in May 2024. This is 14% higher than in May 2023.
- Of the 7,652 breathing space registrations, 7,547 were Standard breathing space registrations and 105 were Mental Health breathing space registrations. Between the start of the scheme in May 2021 and 31 May 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 May 2024 published 18th June 2024 – see the full report here