Overview

• Total insolvencies in May reached 12,395, marking a 2.3% increase from April and a 2.6% decline from last May.
• Consumers filed 12,004 insolvencies in May, comprising 2,631 bankruptcies and 9,373 proposals.
• Business insolvencies numbered 391 in May, down 13.3% year-over-year but roughly 29% above pre-pandemic averages.
• Over the past 12 months consumer insolvencies rose 5% year-over-year and year-to-date filings are 7.6% higher than the 2016–19 average.
• Households continue to face high living costs, stagnant wages and pandemic-era debts despite lower borrowing rates.