The number of personal insolvencies recorded in England and Wales fell to a three-year low in 2020.
The Insolvency Service said there were 111,424 individual insolvencies in 2020 a total which was down by 9% on 2019.
It marked the lowest annual figure since 98,897 personal insolvencies were recorded in 2017.
The service said the fall in cases was driven by low volumes of bankruptcies and debt relief orders (DROs), which both decreased by 25% from the previous year.
The number of individual voluntary arrangements (IVAs) in 2020 was higher than the number registered in 2019, although the increase from the previous year was small, it said. IVAs are agreements whereby money is shared out between creditors.
The service said the fall in p…
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