The number of bankruptcies in England and Wales has increased
Central Office of Insolvency Service announced that in annual terms the number of residents of England and Wales who lost liquidity in the third quarter increased. According to the office’s data, the number of people in difficulty rose by 23%. In turn, the rate of individual bankruptcies per 10,000 inhabitants rose to 27.4%, the highest in 8 years.
More than half of all insolvencies in Q3 were voluntary individual solutions, a form of debt relief shortly before bankruptcy. Moreover, it results from the data of the office that in the third quarter, apart from the bankruptcy of natural persons, the number of company bankruptcies increased by 1.6%.