Insolvency figures on the up

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).

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