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Bankruptcy Statistics

Bankruptcy Statistics

In the first three quarters of 2018 approximately 33000 people went bankrupt or started a Debt Relief Order in England & Wales. This is an increase of 10% compared to the same period in 2017.

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Overall the total number of people declaring themselves insolvent (including IVAs) increased by 10% in the first three quarters of 2018 compared to the same period last year (from approx 74,500 to approximately 81,800).

Bankruptcy Statistics Table

Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Grand
Total
2018 4,345
6,544
4,107
7,021
4,189
6,997
12,641
20,562
33,203
2017 4,083
6,119
3,722
6,146
3,737
6,274
3,563
6,355
15,105
24,894
39,999
2016 3,775
6,722
3,709
6,741
3,936
6,490
3,624
6,243
15,044
26,196
41,240
2015 4,404
6,213
3,975
5,832
3,896
5,629
3,570
6,501
15,845
24,175
40,020
2014 5,681
6,549
5,475
7,006
4,907
6,808
4,282
6,325
20,345
26,688
47,033
2013 6,673
7,219
6,480
7,132
6,009
6,632
5,409
6,563
24,571
27,546
52,117
2012 9,132
7,897
8,092
7,956
7,642
7,777
6,921
7,549
31,787
31,179
62,966
2011 12,539
6,788
11,101
7,258
9,578
7,604
8,658
7,359
41,876
29,009
70,885
2010 18,256
5,644
14,982
6,295
13,907
7,068
12,028
6,172
59,173
25,179
84,352
2009 20,446 18,870
1,978
18,347
4,505
17,007
5,348
74,670
11,831
86,501

Source: The Insolvency Service Official Statistics (Not Seasonally Adjusted)
Note: Figures in red are Debt Relief Orders

Number of People Going Bankrupt Increases

The number of people going bankrupt in England and Wales is on the rise. 12,641 people used this debt solution in the first three quarters of 2018 compared to 11,542 in the same period last year. This is an increase of around 10%

Starting in 2016 there has been a generally accepted squeeze on personal finances as a result of inflation growing faster than wages. There now seems to be a growing correlation between this reality and individual financial difficulty.

Although employment is currently at record highs more and more people are having difficulty paying their bills. The most likely reason for this is that the jobs created in recent years are primarily lower paid or based on zero hour contracts and so insufficient to sustain family expenditure requirements.

The number of people starting an IVA in the first three quarters of 2018 also increased by 10% compared to the same period in 2017.

DRO Volumes Rise 12%

20,562 people started a DRO in the first three quarters of 2018 compared to 18,359 in the same period in 2017. This is an increase of approximately 12%.

The reasons for the increasing numbers are likely the same as those for Bankruptcy described above. More and more people are simply struggling to pay their debts (even though they are employed) because the wages they are earning are low.

The number of people who carry out a DRO in any particular quarter is traditionally higher than the number going bankrupt as it is a cheaper solution to implement. However there are strict qualification criteria which prevent everyone from using this solution

A DRO is only possible if your total debt is £20,000 or less, you are not home owner, your car is worth less than £1000 and your surplus income is less than £50/mth.

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