Personal insolvencies down in 2011

THE NUMBER of people declared insolvent in England Wales fell in 2011, but the number of businesses insolvencies increased, Insolvency Service figures showed.

The total number of personal insolvencies in 2011 was 119,850, down 11.3% on the record high in 2010. In the final quarter of the year, there was a 5.6% drop compared to the last three months of 2010.

Bankruptcies were down 29.3% and were outstripped by the number of individual voluntary arrangements, which decreased by 3.2% to 49,000 for the year.

However, there were 16,871 company liquidations in 2011 – an increase of 5.1% on 2010.

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