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The latest statistics from the Insolvency Service have revealed that there were
30,219 total personal insolvencies in England and Wales in 2011's third quarter,
an 11% fall in consumers becoming insolvent compared with the same period in
2010.
In all, 9,567 people entered bankruptcy between July-September 2011, a
significant fall from the previous quarter (11,113).
This also marks a 31.2% decrease from 2010's third quarter, when 13,907 people
became bankrupt.
In 2011's third quarter, 79% of bankruptcies were made on the petition of the
borrower, down from 83% in the previous quarter.
Bankruptcies have been consistently falling for the last two years, due mainly
to lower numbers of consumer bankruptcy cases.
This is mostly as a result of Debt Relief Orders (DROs) being introduced in
2009.
DROs saw a 7.6% increase in 2011's third quarter - rising from 7,068 in 2010's
third quarter to 7,604 in the same period this year.
And DROs weren't the only insolvency solution to see a rise in numbers. 13,048
residents of England and Wales entered an Individual Voluntary Arrangement (IVA)
in 2011's third quarter: up from 12,143 in the previous quarter.
This also marked a 0.7% increase on 2010's third quarter, when 12,960 English
and Welsh residents entered an IVA to help them tackle their unmanageable debts.
Source:
Getting Paid
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