Personal insolvencies fell to their lowest levels in a decade in 2015 across England and Wales, official figures show.
A total of 79,965 personal insolvencies were recorded last year, marking the lowest annual total since 2005, when 67,584 cases were recorded, according to Insolvency Service data.
Personal insolvencies in 2015 were also down by nearly one fifth (19%) compared with 2014.
The official personal insolvency figures are made up of three types of insolvency. These are bankruptcies, which tend to be seen as a last resort; debt relief orders (DROs), which are often dubbed “bankruptcy light” and are aimed at people with smaller amounts of debt but no realistic prospect of paying it off; and individual voluntary a…
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