Levels of personal insolvency in the UK have increased for the eighth consecutive quarter and are at the highest level since records began, according to latest figures from the Government’s Insolvency Service.
This year 134,142 people entered into personal insolvency. 17,007 individuals were made bankrupt this quarter, 13,219 entered into Individual Voluntary Arrangements (‘IVA’) and 5,348 Debt Relief Orders (‘DRO’). This totals 35,574 personal insolvencies in Q4 of 2009, which is a 24.9% increase on the same quarter of 2008.
Pat Boyden, partner and personal insolvency specialist at PricewaterhouseCoopers LLP, said: “The huge numbers of people entering insolvency demonstrates the real effect the recession is having on the average person in the UK. However
