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|New government faces potential ‘debt hangover’|
|Wednesday, 29 April 2015|
Figures published today by the Insolvency Service show that personal insolvencies in England and Wales decreased again in the first quarter of this year to 20,826 a reduction of 18.6% on the same period 12 months ago. This figure comprises 4,209 bankruptcies, 6,213 debt relief orders (DROs), and 10,405 Individual Voluntary Arrangements (IVAs). Company liquidations in the first quarter of this year also decreased to 4,052, a 1.3% reduction on the previous quarter and 11.3% lower than the same quarter in 2014.
Bev Budsworth, managing director of The Debt Advisor, commented: “Today’s continued decline in insolvencies, shows that corporate insolvency is now at its lowest level since 2008 and the number of individuals declared insolvent is also at its lowest level for nearly a decade. This means that under the coalition’s tenure, not only has there largely been a constant reduction in insolvencies, in more recent years, there has also been a sustained growth in the economy with record low inflation and interest rates, which has got to be good news for everyone.
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