Statistics release: Insolvencies in 2012

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See: http://www.insolvencydirect.bis.gov.uk/otherinformation/statistics/201302/index.htm

The below are cherry picked sections. Fort the full statistics set, please follow the above link.

INDIVIDUAL INSOLVENCIES (not seasonally adjusted - see ‘Notes to Editors’ paragraph 11)

There were 25,302 individual insolvencies in England and Wales in the fourth quarter of 2012. This was a decrease of 12.9% on the same period a year ago.

This was made up of 6,919 bankruptcies (which were down 20.1% on the corresponding quarter of the previous year), 7,397 Debt Relief Orders (DROs) (which were up 0.5% on the corresponding quarter of the previous year) and 10,986 Individual Voluntary Arrangements (IVAs) (which were down 15.8% 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 second quarter, while Bankruptcy Orders have been lower than IVAs for the last seven quarters.





In the fourth quarter of 2012, 5,487 bankruptcies were made on the petition of the debtor (representing 79.3% 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 22.6% in the third quarter of 2012 (fourth quarter 2012 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 as may be seen in Figure 3 below.


STATISTICS RELEASE: 2012 SUMMARY, ENGLAND AND WALES

INDIVIDUAL INSOLVENCIES

There were 109,477 individual insolvencies in England and Wales in 2012, a decrease of 8.7% from 2011. This included 31,756 bankruptcies (which were down 24.2% on 2011), 46,694 Individual Voluntary Arrangements (IVAs), (which were down 4.8% on 2011) and 31,027 Debt Relief Orders (DROs), (which were up 7% on 2011).
Figure 5 shows how the numbers of individual insolvencies have changed since 1987 (when the first IVAs were registered).



In 2012, 79.3% of bankruptcies were made on the petition of the debtor, down from 81.4% in 2011 (85.6% in 2010). This reflects the fact that the reduction in the overall level of bankruptcies from the peak in 2009 was primarily attributable to rapidly falling levels of debtor petition cases.

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And a BBC news article on them

---> Personal insolvencies at new low

IF

Thanks Fermi, bumping up the board xx