Latest Insolvency Statistics For Q1 2011

There were 30,162 individual insolvencies in England and Wales in the first quarter of 2011. This was a decrease of 15.5% on the same period a year ago.

This was made up of 12,539 bankruptcies (which were down 31.3% on the corresponding quarter of the previous year), 10,835 Individual Voluntary Arrangements (IVAs), (which were down 8.0% on the corresponding quarter of the previous year) and 6,788 Debt Relief Orders (DROs), (which were up 20.3% on the corresponding quarter of the previous year)

In the first quarter of 2011, 84.2% of bankruptcies were made on the petition of the debtor, broadly comparable to the levels for recent quarters. The percentage of bankruptcy orders involving trading debts (self-employed bankruptcies) was 18.9% in the fourth quarter of 2010 (first quarter 2011 figures for trading-related bankruptcies are not yet available), notably higher than levels seen in recent quarters.

You can view the lastest figures here: The Insolvency Service

Advisors at Integrity say that the actual real life up to date situation needs to be looked at , as more and more people in the UK are struggling with personal debts. When interest rates rise we are going to see a big influx in people needing professional debt advice and help, with personal insolvencies no doubt going to increase further over the coming months.

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