Insolvency statistics released for October 2024
The insolvency statistics released for October 2024 show that of the 1,747 registered company insolvencies:
- There were 188 compulsory liquidations
- 1,445 creditors’ voluntary liquidations (CVLs)
- 100 administrations
- 12 company voluntary arrangements (CVAs).
Individual Insolvencies
8,952 individuals entered insolvency in England and Wales in October 2024. This was 14% lower than in September 2024 and 2% lower than in October 2023.
The individual insolvencies consisted of
- 596 bankruptcies
- 3,793 debt relief orders (DROs)
- 4,563 individual voluntary arrangements (IVAs)
- The 4,563 IVAs (after seasonal adjustment) registered in October 2024 was 13% lower than in October 2023 and 23% lower than in September 2024.
- In the 12 months ending 31 October 2024, one in 427 adults in England and Wales entered insolvency (at a rate of 23.4 per 10,000 adults). This is higher than the rate of 22.3 per 10,000 adults (one in 448) who entered insolvency in the 12 months ending 31 October 2023.
Debt Relief Orders
Individual Voluntary Arrangements
Breathing Space Registrations
- There were 7,099 breathing spaces registered under the Debt Respite Scheme in October 2024. This is 7% lower than in October 2023. Of the 7,099 breathing space registrations, 7,002 were Standard breathing space registrations and 97 were Mental Health breathing space registrations. Between the start of the scheme in May 2021 and 31 October 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 September 2024 published 19th November 2024 – see the full report here.