- Tuesday, 11 August 2009The number of people to be declared insolvent reached its highest ever level in the second quarter of this year, figures have revealed.
According to the Insolvency Service, 33,073 citizens within England and Wales became insolvent in the three months to June, with a further 19,000 declaring themselves bankrupt in the same period.
The record-high levels represent a 27 per cent increase on the corresponding figures from 2008.
Figures reveal that 12,000 people entered into
individual voluntary agreements (IVAs).
The number of people entering into IVAs is up by 27 per cent year-on-year.
Experts have highlighted growing unemployment as the primary factor behind the increase in people struggling financially, with the recession blamed on a wider scale.
A number of professionals within the industry have suggested that in excess of 130,000 people could become insolvent by the end of the year.
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