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IVAs continue to fall in November 2023

For individuals, the total number of insolvencies in November 2023 was 8,243, 21% lower than in the same month in the previous year (10,478 in November 2022).

The individual insolvencies consisted of 661 bankruptcies, 3,290 debt relief orders (DROs) and 4,292 individual voluntary arrangements (IVAs). The lower number of individual insolvencies compared to November 2022 was driven by a 44% decline in the number of IVAs. IVA numbers in 2023 to date have been lower than in 2022, which saw a record high annual number. DRO and bankruptcy numbers were higher than last year, with DROs in November 2023 being 45% higher than in November 2022, although the number of bankruptcies remained well below pre-2020 levels.

Figure 2 shows the historical trend of individual insolvencies covering the past four years. Monthly numbers back to January 2019 can be found in Table 3 of the accompanying tables.

Note that IVA numbers shown reflect the date of registration with the Insolvency Service, rather than the date of approval and these are therefore not directly comparable to the monthly numbers of bankruptcies and DROs. Numbers of IVAs by month of approval can be found in Table 3.1 of the accompanying tables.

Figure 2: IVA numbers so far in 2023 have been lower than in 2022. Bankruptcy and DRO numbers were higher in November 2023 than in the same period last year.

Brian & Julie Johnson

Daniel from ACS made the whole experience of going bankrupt a worry free exercise with him taking on all the tasks that daunted me. I would like to thank him sincerely for his help, support and guidance in dealing with my bankruptcy. As a consequence of his knowledge and experience it meant the the court attendance was stress free and it was certainly made easier by having him there with me.

Rod Eastell

I don’t know NOW why we were so worried about our debts. ACS took all our troubles and worries away. From speaking to Daniel for the first time he was very understanding and put our minds to rest, the service is absolutely everything they promise, in fact it is better than promised. It delivered and swiftly brought everything to a conclusion. We would certainly recommend ACS to anyone with debt problems, DON’T WORRY GET IN TOUCH WITH ACS. they will take care of everything. We can’t thank them enough.

E. Davies

Exceptional service! Since my first phone call some months ago requesting help and advice I immediately felt that cloud over me disappearing. When getting closer to my court date with companies chasing more and more, the professional service I received kept the phone calls and letters away. My day in court was basically short and sweet, just 45 minutes. Immaculate documentation was handed over and the clerk could not stop smiling with how easy it had made her job to check the form over prior to handing over to a judge to sign off (who did within minutes). Already had my telephone interview from the official receiver and as documentation was so clear and precise it took little over 10 minutes (normally around 30) to complete.