Relief Debt Systems

The number of people being declared insolvent fell in England and Wales for the first time since 2007 whilst the number business insolvencies also fell.

There were 34,743 personal insolvencies in the second quarter of this year, which includes bankruptcies, individual voluntary arrangements and debt relief orders, representing a fall of 3% from the first three months of the year.

The number of firms going into insolvency fell again in England and Wales, down 2% from the previous quarter to 1,311.

These corporate insolvencies – accounted for by receiverships, administrations and company voluntary arrangements – were 14% lower than in the same quarter of 2009.

“It’s encouraging to see that bankruptcies are down, but don’t be misled by this,” Brian Johnson at accountants HW Fisher, told the BBC.

“The fact that both debt relief orders (DROs) and individual voluntary arrangements (IVAs) are still creeping up shows that we are not in the clear yet.

“Many consumers are still highly stretched financially and public sector spending cuts are only going to make things worse over the course of the next two years,” he added.

Similar Posts:

• Irish debt write-off scheme agreed
• Insolvency Service Highlight Debt Relief Figures
• Personal insolvency decreases yet stats still at record highs
• Bankruptcy soars amongst women
• North East sees IVA and Bankruptcy cases soar