The number of people going financially insolvent across England and Wales in May was 5% higher than the same month in 2024, according to Insolvency Service figures.
In May 2025, 10,014 people entered insolvency, including bankruptcies, debt relief orders (DROs) and individual voluntary arrangements (IVAs), a total which was broadly unchanged compared with 10,060 insolvencies in April 2025.
The Insolvency Service said DRO numbers have remained similar to the record high levels seen over the past 12 months, with 3,783 cases recorded in May.
The report said: “DRO numbers have been at record high monthly numbers since the abolition of the upfront £90 fee in April 2024, with the 45,802 DROs in the past 12 months being nearly…