The Insolvency Service has released Q3 insolvency statistics for England and Wales.
Company statistics cover compulsory liquidations, creditors’ voluntary liquidations, receiverships, administrations and company voluntary arrangements
For individuals, the statistics cover bankruptcies, debt relief orders and individual voluntary arrangements.
- Total company insolvencies were slightly higher than the previous quarter and also increased on the year. The trend for the past year has been broadly flat.
- Total individual insolvencies increased for the fifth consecutive quarter, driven primarily by an increase in individual voluntary arrangements.
- Bankruptcies increased this quarter. It is likely that changes to the bankruptcy application process have affected the number of bankruptcies.
- Debt relief orders decreased this quarter, but were higher than a year ago because of a change to eligibility criteria.
Statistics are presented for Scotland and Northern Ireland separately, because of differences in legislation and policy.