T
he number of people going financially insolvent across England and Wales hit a three-year high in 2022, according to official figures.
In addition, the number of company insolvencies jumped to the highest level since 2009 last year, in further signs of the impact of tough economic conditions on people and businesses.
Some 118,850 people went financially insolvent last year an increase of 8% on 2021s figure.
The Insolvency Service, which released the figures, said the annual total was slightly lower than the 122,150 personal insolvencies registered in 2019.
The number of personal insolvencies in the last three months of 2022 was 6% higher than in the third quarter of the year, and 7% higher than in the fourth quarter of 2021.