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June insolvency statistics - individual and company

ended 19. July 2024

The latest official individual and company insolvency stats are out for June and they're not great. 10,395 individuals entered insolvency in England & Wales in June 2024. This was 11% higher than in May 2024 and 33% higher than in June 2023. Meanwhile, the number of registered company insolvencies in England and Wales in June 2024 was 2,361, 16% higher than in May 2024 (2,040) and 17% higher than the same month in the previous year (2,016 in June 2023). The number of company insolvencies remained much higher than those seen both during the COVID-19 pandemic and between 2014 and 2019. Any thoughts on this, send them across ASAP as this story is BREAKING.

7 responses from the Newspage community

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Stephen Perkins
Managing Director at Yellow Brick Mortgages
The ailing economy and high interest rates are contiuing to pile pressure on the finances of both individuals and businesses. And the pressure keeps growing. These figures show escalating numbers of individuals and businesses going insolvent. Today's retail data shows the economy is not improving either, so we are not at rock bottom yet. The country is on its knees screaming out to the Bank of England to provide some mercy. Sadly it will likely land on deaf ears once more.
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David Robinson
Co-Founder at Wildcat Law
If LIz Truss's time as Prime Minister can be compared to a lettuce then the financial implications of her brief stay are more akin to Japanese Knotweed. The rocketing of interest rates was bad enough but we are seeing lenders tightening criteria with the result that even healthy businesses are having to pay a risk premium. The end result is in the latest data set: businesses, even healthy ones, are falling over left right and centre due to lack of liquidity. Unfortunately this is only the tip of this iceberg and sadly I'm not talking lettuces.
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Bob Singh
Founder at Chess Mortgages
As a former insolvency banker these numbers make grim reading and give a true reflection on the economy post Covid. These businesses no doubt started their life well before but have been hit by a slowdown in spending due to high borrowing costs and the cost of living crisis. If the Bank of England were looking for a reason to cut interest rates then this could, or perhaps should, be one of them.
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Michelle Lawson
Director at Lawson Financial
It's sad to see these dismal figures and that people are still struggling with limited options. People need money back in their pocket and to have a reason to be cheerful right now after years of financial hurt. A Bank Base rate cut on 1st August could be exactly what the doctor ordered. Good businesses employing local people are closing. Small businesses are the backbone of the economy and should be encouraged to thrive not to close.
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Riz Malik
Independent Financial Adviser at R3 Wealth
This comes as no surprise as many households are struggling and even using the support under the mortgage charter. Many business owners are also saying that this is the harshest trading environment in memory. Let’s see what Rachel Reeves has up her sleeve to tackle this.
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Dariusz Karpowicz
Director at Albion Financial Advice
These insolvency figures aren't shocking given the ongoing cost of living crisis. Despite lower inflation, many are still feeling the pinch, and it's clearly reflected in the rising insolvency rates for both individuals and companies. The struggle is real and growing. Will this trend reverse when interest rates finally decrease? Only time will tell. Let's hope for better days ahead.
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Hannah Bashford
Director at Model Financial Solutions
This is so sad to read. When will the MPC wake up and look at the real people of this country and what is happening to them? They’re so obsessed with growth they seem to be unable to see the divide in wealth and something needs to be done before the crevice becomes a canyon.