Navigating Individual Insolvency: Insights from October to December 2023

Understanding individual insolvency statistics is key for individuals and businesses alike. These statistics serve as a barometer of economic health, reflecting not only the financial well-being of individuals but also broader trends in the business landscape.


By assessing the data and gaining insights into the dynamics of insolvency, stakeholders can anticipate market shifts, identify potential risks, and formulate proactive strategies to mitigate financial challenges. As we delve into the numbers and insights from the final quarter of 2023, focusing on England and Wales, we uncover valuable insights that can inform decision-making processes and empower individuals and businesses to navigate the complex terrain of insolvency with confidence and resilience.



The year 2023 brought about remarkable shifts in the dynamics of individual insolvency, reshaping the financial world in significant ways. As per the latest data released by the Government, the total number of individual insolvencies registered in 2023 was 103,454, marking a notable 13% decrease from the preceding year. This figure represents not only a numerical decline but also signals a fundamental shift in financial behaviours and practices. It is the lowest annual number since 2017, highlighting a trend that warrants careful examination and analysis.


Furthermore, within the spectrum of individual insolvencies, the composition underwent substantial transformations. Despite Individual Voluntary Arrangements (IVAs) maintaining their status as the predominant choice, constituting 62% of all individual insolvencies, a marked shift compared to the previous year was clear. The number of IVAs experienced a decline, reaching its lowest annual level since 2017. On the other hand, Debt Relief Orders (DROs) saw a surge, reaching the highest annual level since their beginning in 2009. This shift in preferences shows evolving financial strategies and the increasing utilisation of alternative debt resolution mechanisms. Although bankruptcies slightly increased from the 40-year low observed in 2022, they remained substantially below pre-2020 levels, reflecting ongoing shifts in consumer financial behaviours and regulatory frameworks.


Get Individual Insolvency Insights from October to December 2023

Location: United Kingdom

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