Statistics on insolvency’s July – September (Q3)

The insolvency service has released their quarterly statistics on individual insolvency for the period covering July to September (Q3).

The stats show that although there has been an increase in the amount of individuals being declared bankrupt, up 66 from the previous quarter, IVA’s are still the most common form of insolvency with 20,635 in the same period. This is down from 21,845 in Q2.

If we compare the same period last year, there has been an increase in the IVA market of 5% with DRO’s and bankruptcies falling 3% and 12% respectively.

The Insolvency Service also noted the amount of Breathing Space applications increased by 18% to 18,347 compared to Q3 2021. Breathing space applications have been steadily rising each quarter since its inception.

The statistics can be viewed here.