A record 35,574 people in England and Wales were declared insolvent in the last quarter of 2009, according to statistics out today from the Insolvency Service.
The figure – a 24.9 per cent jump on the same period a year ago – was made up of 17,007 bankruptcies, 13,219 individual voluntary arrangements (IVAs) and 5,348 debt relief orders (DROs).
Mark Sands, director of personal insolvency at RSM Tenon cautioned: “There is no reason to believe that these levels will reduce as we go into 2010, as the aftermath of the recession will continue to impact on people in debt for a long time to come.”
But in contrast to the jump in personal insolvencies, the number of businesses going bust dropped by 1.7 per cent to 4,566 on the previous quarter and fell by 1.1 per cent on the same period the year before. See Full Story
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