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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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