The Insolvency Service recently published official statistics showing that the number of individual insolvencies in 2015 fell to the lowest annual level for a decade (by 19% to 79,965).
The statistics also show that:
- This was the fifth successive annual decrease, and has been driven by a decrease in individual voluntary arrangements (IVAs).
- The number of bankruptcies was the lowest level for 25 years, which has been affected by the introduction of debt relief orders (DROs).
Despite this, Credit Today, notes that some personal insolvency practitioners believe it is important to look at other figures.