ONS publish 2011 figures on insolvency

Earlier this month, ONS published 2011 figures on individual insolvencies at local authority level.  Individual insolvencies are made up of bankruptcy orders, Individual Voluntary Arrangements (IVAs) and Debt Relief Orders (DROs), which were introduced in April 2009. The dataset can act as a further indicator of the impact of the economic downturn, and reflects the impact on individuals and families rather than businesses.

Key findings from a Warwickshire perspective include:

  • More than 1,000 individuals experienced personal insolvencies in Warwickshire during 2011. This represents 0.2% of the total adult population (18+) in the county.
  • The number of personal insolvencies has gone from 194 in 2000 to 1,039 in 2011 in Warwickshire; a 435% increase over the 11 year period.
  • However, despite this substantial increase, personal insolvencies in Warwickshire were higher in both 2009 and 2010 at 1,238 and 1,250 respectively during the peak of the recession.
  • The 2011 rate for Warwickshire (23.9) is lower than its regional (27.9) and national (26.7) equivalents.
  • Within Warwickshire, the highest rates in 2011 were recorded in Nuneaton and Bedworth Borough, followed by Rugby Borough.  Warwick District has the lowest rates of personal insolvency over the year.
  • As the economic outlook remains uncertain with the UK slipping back into recession, the Observatory will continue to monitor the figures for 2012 and onwards.

 2011 statistics

Total New Personal Insolvencies

New Bankruptcy Orders

New Individual Voluntary Arrangements (IVAs)

New Debt Relief Orders

No

Rate

No

Rate

No

Rate

No

Rate

North Warks

129

25.9

42

8.4

68

13.7

19

3.8

Nuneaton & Bedworth

290

30.2

82

8.5

145

15.1

63

6.6

Rugby

206

27.9

70

9.5

110

14.9

26

3.5

Stratford-on-Avon

215

22.1

83

8.5

103

10.6

29

3.0

Warwick

199

17.1

72

6.2

66

5.7

61

5.2

Warwickshire

1,039

23.9

349

8.0

492

11.3

198

4.5

West Midlands

11,964

27.9

3,756

8.8

5,224

12.2

2,984

7.0

England

111,073

26.7

38,339

9.2

45,588

11

27,146

6.5

An article:

‘Individual Insolvencies including Bankruptcies, England and Wales, 2001–11’

has been published on the ONS website. It provides an ONS interpretation of regional and local differences in the rates of individual insolvencies in England and Wales from 2001 to 2011 and highlights the trends which have taken place since 2001 and identifies some of the possible reasons for these trends.

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