Statistics showing insolvencies in the first quarter of 2013 are published today (03 May) by the Insolvency Service.
There were 25,006 individual insolvencies in England and Wales in the first quarter of 2013. This was a decrease of 12.9% on the same period a year ago.
This was made up of 6,663 bankruptcies (which were down 27.0% on the corresponding quarter of the previous year), 7,219 Debt Relief Orders (DROs) (which were down 8.6% on the corresponding quarter of the previous year) and 11,124 Individual Voluntary Arrangements (IVAs) (which were down 4.9% on the corresponding quarter of the previous year). Bankruptcy numbers have been impacted by the introduction of DROs from April 2009, amongst other factors. Numbers of DROs are higher than total bankruptcies for the third quarter, while Bankruptcy Orders have been lower than IVAs for the last eight quarters.
In the first quarter of 2013, 5,379 bankruptcies were made on the petition of the debtor (representing 80.7% of total cases); the level of debtor petition bankruptcies has been following a generally decreasing trend since the beginning of 2009 when there were 17,606 (86% of the total). Creditor petition bankruptcy numbers have also been falling over a similar period, though less rapidly and less consistently. The percentage of bankruptcy orders where the individuals were self-employed was 23.9% in the fourth quarter of 2012 (first quarter 2013 figures for self-employed bankrupts are not yet available); higher than in earlier years. This is due to the decline in numbers of cases amongst non-traders.