Personal insolvencies fall to lowest level for 10 years

By February 17, 2015Insolvency

The number of people being declared insolvent in England and Wales has fallen to its lowest level since 2005.

Last year, 99,200 people were declared insolvent, either through bankruptcies, debt relief orders or individual voluntary arrangements.

That was a 2% fall from 2013 and the fourth annual drop in a row.

Meanwhile the number of companies going into administration fell to its lowest figure since 2004, at just 1,790.

That was a 24% fall from 2013.

The number of companies going into receivership, the other main form of corporate insolvency, dropped by 21% last year to 724, the smallest number since 2007.

The falling figures for both people and companies reflect the improved state of the economy, with fewer firms going under and fewer individuals seeking insolvency to resolve insurmountable debts.

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Maidment Judd

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