Bankruptcies continue to fall
Individual insolvencies continue to decline with simplified bankruptcy process DROs, proving more popular than bankruptcies for third consecutive quarter
INDIVIDUAL INSOLVENCIES are continuing to fall in the UK according to government statistics published by the Insolvency Service.
The first quarter of 2013 showed that individual insolvencies have declined 12.9% to 25,006 compared to the same quarter a year ago.
Bankruptcies are also continuing to plummet with a 6,663 reported in Q1 2013, a 27% decline compared to the same quarter in 2012.
Meanwhile simplified bankruptcy process Debt Relief Orders (DROs) also declined 8.6% to 7,219 in Q1 2013 compared to Q1 2012. This is the third consecutive quarter that DROs have overtaken the number of recorded bankruptcies. DROs were introduced in April 2009, they are a quicker and simplified bankruptcy process for individuals with lower debts and little to no assets.