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Bankruptcy Statistics
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Bankruptcy Statistics

Bankruptcy Statistics

During 2017 approximately 15,000 people went bankrupt in England & Wales. There was very little change compared to the previous year.

  • Bankruptcy statistics table
  • Number of people going Bankrupt remains steady
  • DRO volumes fall 5% year on year

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Overall the total number of people declaring themselves insolvent (including IVAs) increased by 10% to approximately 99,000 in 2017 from approximately 90,000 in 2016.

Bankruptcy Statistics Table

 Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Grand
Total
 2018 4,345
 6,544

 

 4,345
 6,544
 10,889
 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 remains Steady

Almost the same number of people went Bankrupt in England and Wales during 2017 as in the previous year.

Starting in 2016 there has been a generally accepted squeeze on personal finances as a result of inflation growing faster than wages. However the bankruptcy figures suggest this has not resulted in an increased number of personal debt problems.

On the face of it this is certainly good news. However the number of people choosing to use a debt solution such as bankruptcy tends to lag behind a period of economic pressure. As such the numbers may start to creep up in 2018.

The number of people starting an IVA in 2017 increased by nearly 20% compared to 2016 at approximately 59,000.

DRO Volumes fall 5% year on year

The number of people starting a DRO has reduced by 5% in 2017 compared to 2016. This seems strange given the number of people going bankrupt has remained relatively steady.

A possible reason is that the bankruptcy application process is online. As a result it is easier for people to go bankrupt than start a DRO even though it is a more expensive option

The DRO application requires the use of an Approved Intermediary. Anecdotal evidence suggests that it can be difficult to get access to these people. Generally they are found only within a local CAB or the Step Change debt charity.

It takes 6-8 weeks to start a DRO using an Approved Intermediary. It is possible to go bankrupt and get protection from creditors almost immediately.

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