According to The Insolvency Service, the fall was largely driven by a decrease in the number of individual voluntary arrangements (IVAs), though both debt relief orders (DROs) and bankruptcies fell slightly from Q4 2018.
In all, there were 115,319 personal insolvencies in 2018.
The quarter-on-quarter decrease in total individual insolvencies in the first quarter of 2019 was largely driven by a decrease in IVAs, The Insolvency Service said. Over the period, there were 20,325 IVAs, a decrease of 11.4 percent compared to a record high in final quarter of 2018. The fourth quarter of 2018 had seen the highest quarterly level of IVAs since their introduction in 1987. Compared with the same quarter last year, IVAs increased by 23.7 percent.
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Read the full article at: https://www.creditstrategy.co.uk/news/news-top-stories/personal-insolvencies-remain-16-percent-up-year-on-year-5832