The number of people falling into financial insolvency in England and Wales last year was 14 per cent higher than in 2023, driven by a record high in debt relief orders (DROs), the Insolvency Service said, writes David Connett.
A total of 117,947 personal insolvencies were registered in 2024, up from 103,434 in 2023. The total included 43,249 DROs – the most on record, up 36 per cent on 2023.
The sharp rise followed the expansion of eligibility criteria last June, when the debt threshold increased from £30,000 to £50,000, and the removal of an administration fee.
The number of compulsory company liquidations in England and Wales hit its highest level since 2014.
While company collapses fell five per cent year on year,…
