The number of individuals entering a personal insolvency procedure has dropped to 26,390 its lowest quarterly level since Q3 2020.
Figures from the Insolvency Service, reveal that 1,826 people entered bankruptcy, 7,106 entered a debt relief order and 17,458 entered an individual voluntary arrangement in Q2 2023.
IVA numbers were down 12% compared with the previous quarter and dropped 22% when compared to the same quarter in 2022.
For the second quarter running, DRO numbers broke the 7,000 barrier, increasing 1% in the period and by 23% when compared to the same quarter in 2022.
However, bankruptcy numbers rose for the second successive quarter and recorded the highest number since Q4 2021.
Andy Nalliah, personal insolve…
Read the full article at: https://www.accountancytoday.co.uk/2023/07/31/personal-insolvencies-fall-to-lowest-level-since-q3-2020/