Debt problems – record insolvency
08/02/2011Debt problems being suffered due to insolvency were at record levels in England and Wales in 2010.
The number of new cases, however, witnessed a fall in the last three months of the year, according to the Insolvency Service.
The body says 135,000 people were recorded as insolvent last year, with the figure representing a hike of 0.7 per cent compared to 2009.
December's is also the highest peak of insolvent numbers since records began as long ago as 1960.
And the record figure for personal insolvencies throughout 2010 is double to that recorded during 2005 - despite a fall in insolvencies in the quarter four of last year.
Insolvencies in 2010 were also augmented by more than 50,000 cases of IVA, which saw an increase of 6.5 per cent when set against data from 2009.
When compared to the previous UK recession to cause Britons debt problems in the early nineties, these figures show a different outlook.
Experts commentating on debt problems believe the modest figures from 1992 and 1993 of about 37,000 each year is down to bankruptcy being harder to administer and IVAs being a fledgling idea, at this time. 
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