The March 2024 individual insolvency stats for England and Wales have been published by The Insolvency Service, together with related figures for Scotland and Northern Ireland.

Individual insolvency statistics for England and Wales – March 2024

In March 2024, 8,708 individuals entered insolvency in England & Wales. This was 19% lower than in February 2024 and 9% lower than in March 2023. The total amount of individual insolvencies consisted of:

• 5,399 individual voluntary arrangements (IVAs)
• 2,628 debt relief orders (DROs)
• 681 bankruptcies

In the 12 months to 31 March 2024, 60% of individual insolvencies were IVAs, 32% were DROs, and 8% were bankruptcies.

IVAs

The number of IVAs was 27% lower than February 2024 and was 12% lower than March 2023 after seasonal adjustment.

IVA numbers over the past year have been lower than the record high annual number seen in 2022.

DROs

The number of DROs in March 2024 were higher than the long-term (2014 to 2023) monthly average, but slightly lower than the record-high monthly numbers in late 2023. DRO numbers increased in 2024 from low numbers seen during and immediately after the COVID-19 pandemic.

Bankruptcies

The number of bankruptcies in March 2024 was similar to numbers over the past nine months. Bankruptcy numbers have declined since 2009 and fell further during the COVID-19 pandemic.

Bankruptcies in March 2024 consisted of:

• 541 resulting from debtors’ applications, which was 1% lower than in February 2024 and 13% higher than in March 2023.
• 140 resulting from creditors’ petitions, which was 23% higher than in February 2024 and 25% higher than in March 2023.

Individual insolvency rate statistics for England and Wales – March 2024

The individual liquidation rate in the 12 months to March 2024 was 21.3 per 10,000 adults in England and Wales. This corresponds to 1 in 470 adults having entered an insolvency procedure in the past 12 months.

The rate in the 12 months to March 2024 was the lowest since the 12 months ending November 2017. This was driven by a decline in IVA numbers in the second half of 2023, which exceeded increases in DRO and bankruptcy numbers.

Individual insolvency statistics for Scotland – Q1 2024

The Accountant in Bankruptcy (AiB), Scotland’s Insolvency Service, administers individual insolvency in Scotland. The figures below are not seasonally adjusted.

In Q1 2024, there were 1,884 individual insolvencies in Scotland, which was slightly lower than in the same quarter of 2023. The individual insolvencies were comprised of:

• 1,281 protected trust deeds
• 603 sequestrations (of which 343 went into bankruptcy via the minimal asset process route)

Individual insolvency statistics for Northern Ireland – March 2024

In Northern Ireland in March 2024, there were 123 individual insolvencies, which was 21% lower than in March 2023. Of the total individual insolvencies, there were:

• 91 IVAs
• 9 DROs
• 23 bankruptcies

Please note, individual insolvency in Northern Ireland is governed by separate, but broadly similar, legislation to England and Wales, and so figures are presented separately.

Where can I see insolvency notices in The Gazette?

The Gazette is the primary source of both corporate insolvency and personal insolvency information in the UK and publishes this information in the form of insolvency notices, allowing transparency for the public, the credit industry and concerned individuals to quantify risk and inform creditors. You can view all corporate and personal insolvency notices on The Gazette website.

The Gazette also provides a Data Service which provides timely official company, insolvency and deceased estates information to aid data driven decision-making. As the UK’s official public record, our authorised data can help your business with:

• KYC/due diligence
• risk management
• regulatory compliance
• business development
• business intelligence and strategy

For more information on The Gazette Data Service, contact the team on 01603 985949, email data@thegazette.co.uk or click on the link below.

Enquire now

Next insolvency statistics release

Figures for April 2024 will be released on 17 May 2024.

You can see all personal insolvency notices in The Gazette.

See also

Company insolvency statistics – March 2024

Monthly UK insolvency statistics - February 2024

Individual insolvency statistics - Q4 2023

Find out more

Individual Insolvency Statistics March 2024 (GOV.UK)

The Insolvency Service (GOV.UK)

Accountant in Bankruptcy (AiB)

Images

Getty Images

Publication date

29 April 2024