Latest Insolvency Statistics for May 2024: Company and Individual Insolvencies in England and Wales
The latest insolvency statistics for May 2024 have been released, showing a marginal reduction in company and personal insolvencies compared to the previous month. Company insolvencies were 21% lower than the same period last year, indicating a potential shift towards recovery in the economy. However, individual insolvencies have increased from the previous year.
In May 2024, there were 2006 registered company insolvencies in England and Wales, with various types of insolvencies such as compulsory liquidations, creditors’ voluntary liquidations, administrations, and company voluntary arrangements. The number of company insolvencies remains higher than those seen during the COVID-19 pandemic and between 2014 and 2019.
On the other hand, individual insolvencies saw 9,266 individuals entering insolvency in May 2024, consisting of bankruptcies, debt relief orders, and individual voluntary arrangements. The number of DROs reached a record high in May 2024, following the removal of the £90 administration fee for registering a DRO.
The statistics also highlight the increase in Breathing Space registrations in May 2024, indicating a growing need for financial assistance among individuals. The report from Trethowans suggests that the economy is still feeling the effects of the COVID-19 pandemic, with certain sectors experiencing higher insolvency rates.
Overall, the latest insolvency statistics paint a complex picture of the economic landscape, with signs of recovery in some areas while challenges persist in others. The impact of government policies and changing economic conditions will likely play a significant role in shaping future insolvency trends.