Personal insolvencies hit new high… but corporate liquidations fall

According to new Insolvency Service figures, the number of people in England and Wales becoming insolvent rose to a new high in the first three months of 2010.

A total of 35,682 people became insolvent between January and March 2010 – the fifth consecutive quarter that the number of insolvencies has hit a record level.

The main statistics are as follows:

• Individual bankruptcies rose by 7 per cent over the quarter, but fell by 10.7 per cent on the same quarter in 2009;
• Individual voluntary arrangements (IVAs) rose by 20.1 per cent on the same quarter in 2009;
• Debt relief orders (introduced in April 2009) rose by 6 per cent over the quarter;
• Compulsory corporate liquidations fell by 1.3 per cent over the quarter and by 14.8 per cent on the same quarter in 2009;
• Voluntary corporate liquidations fell by 11.4 per cent over the quarter and by 19.1 per cent on the same quarter in 2009.