Insolvencies on the rise

Individual insolvencies jumped 12% during Q2 in England and Wales, according to latest statistics from the government’s Insolvency Service.

The data shows there were 32,153 individual insolvencies in the three months to June.

Individual voluntary arrangements (IVAs) jumped a massive 42% in the same period, to 24,932.

However, bankruptcies fell by 40% to 2,415, and debt relief orders also decreased (down 30% to 4,806).

These figures are slightly lower than expected and there has been a significant fall in company insolvencies because of state support through the Covid-19 pandemic.

The figures show in the 12 months ending Q2 2020 one in 387 adults became insolvent.

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