Fri Sep 20 08:30:05 UTC 2024: ## Insolvency Rates in England and Wales See Slight Dip in August 2024
**London, UK** – The latest individual insolvency statistics for England and Wales, released by the Insolvency Service, show a 5% decrease in insolvencies in August 2024 compared to the previous month. However, the number remains 16% higher than August 2023.
According to the data, there were 10,000 individuals who entered insolvency in August, comprised of 594 bankruptcies, 4,166 Debt Relief Orders (DROs), and 5,240 Individual Voluntary Arrangements (IVAs).
The sharp increase in DROs can be attributed to the recent removal of the £90 administration fee and the expansion of eligibility criteria. IVAs remained consistent with the average of the past 12 months, while bankruptcies remained at approximately half of pre-2020 levels.
The 12-month period ending August 2024 saw 1 in 441 adults in England and Wales entering insolvency, slightly lower than the rate of 1 in 435 adults recorded for the same period in 2023.
The release also revealed a 5% decrease in Breathing Space registrations in August 2024 compared to the same period last year, with a total of 7,256 registrations.
It is important to note that Table 7b (Individual voluntary arrangements by case firm) has been temporarily removed from the accompanying data tables due to data recording inconsistencies. The table will be reinstated once these issues are resolved.
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