IVA news: personal insolvencies reach record high

According to statistics from the Insolvency Service, the number of personal insolvencies in England and Wales reached record levels in 2009, The Times reports.

A total of 134,142 people were declared insolvent last year – which dwarfs the previous record of 107,288 from 2006.

According to The Times, more than half of the personal insolvencies in 2009 were bankruptcies, with the remainder made up of IVAs (Individual Voluntary Arrangements) and Debt Relief Orders (DROs).

In the final quarter of 2009, a total of 35,574 people were declared insolvent. This consisted of 17,007 bankruptcies, 13,219 IVAs and 5,348 DROs.

Related posts:

1. R3: record insolvencies ‘just the tip of the debt iceberg’
2. IVAs and bankruptcies in Northern Ireland at record high
3. IVAs and bankruptcies in Northern Ireland at record high
4. Government plans to speed up bankruptcy process
5. Insolvencies – worst yet to come: R3