Monthly Insolvency Statistics, January 2024
Monthly company and individual insolvency statistics for England and Wales, as well as Northern Ireland, and monthly company statistics for Scotland. For England and Wales, Breathing Space scheme statistics and the numbers of company moratoriums and restructuring plans are also included.
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Main Messages for England and Wales
Company Insolvencies
The number of registered company insolvencies in January 2024 was 1,769, 5% higher than in the same month in the previous year (1,685 in January 2023). This was higher than levels seen while the Government support measures were in place in response to the coronavirus (COVID-19) pandemic and also higher than pre-pandemic numbers.
The company insolvencies consisted of 339 compulsory liquidations, 1,294 creditors’ voluntary liquidations (CVLs), 120 administrations and 16 company voluntary arrangements (CVAs). CVL numbers were lower than in January 2023, while compulsory liquidation and administration numbers were higher.
Individual Insolvencies
For individuals, the total number of insolvencies in January 2024 was 8,089, 4% higher than in the same month in the previous year (7,756 in January 2023).
The individual insolvencies consisted of 768 bankruptcies, 2,793 debt relief orders (DROs) and 4,528 individual voluntary arrangements (IVAs). The higher number of individual insolvencies compared to January 2023 was driven by a 60% increase in the number of DROs and a 20% increase in the number of bankruptcies, while the number of IVAs was 16% lower. IVA numbers in 2023 were lower than in 2022, which saw a record high annual number. DRO and bankruptcy numbers in 2023 were higher than in 2022, although the number of bankruptcies remained well below pre-2020 levels.
There were 8,356 Breathing Space registrations in January 2024, which is 10% higher than the number registered in January 2023. 8,232 were Standard breathing space registrations, which is 10% higher than in January 2023, and 124 were Mental Health breathing space registrations, which is 27% higher than the number in January 2023.