- Insolvency figures reached record highs last year
- 35,574 individuals were declared insolvent last year
- 6,355 businesses faced bankruptcy in the same period
- Experts warn unless the government takes action these figures could rise
In the fourth quarter of 2009 35,574 individuals were declared insolvent, an increase of 24.9% on the same period the previous year.
The figure for the year as a whole was 130,000, meaning that one in every 320 adults in England and Wales entered a formal insolvency process last year.
This was made up of 17,007 bankruptcies (which were down 5.5% on the corresponding quarter of the previous year), 13,219 Individual Voluntary Arrangements (IVAs), (which were up 26.3% on the corresponding quarter of the previous year) and 5,348 Debt Relief Orders (DROs).
Latest questions on 
