Insolvencies up

The number of personal insolvencies reached 35,242 in the third quarter of 2009 – an increase of 28.2% on the same period a year ago. The figures consisted of 12,390 Individual Voluntary Arrangements (IVAs), an increase of 20.9% on the corresponding quarter in 2008; 18,347 bankruptcies, representing an increase of 6.4% on the corresponding quarter last year; and 4,505 debt Relief Orders (DROs).

As for company insolvencies, there were 4,716 compulsory liquidations and creditors' voluntary liquidations in total in England and Wales in the third quarter of 2009 (on a seasonally adjusted basis). This was a decrease of 4.7% on the previous quarter but an increase of 14.6% on the same period a year ago.

This was made up of 1,301 compulsory liquidations (which are down 9.8% on the previous quarter and down 12.9% on the corresponding quarter of the previous year), and 3,415

creditors voluntary liquidations (which are down 2.6% on the previous quarter but up 30.2% on the corresponding quarter of the previous year).