Insolvency figures on the up

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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).

“Whilst the recent unemployment statistics have been more favourable, many families are finding it difficult to manage their finances with reduced hours of work,” said Alec Pillmoor, head of personal insolvency at Baker Til...

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