The governments latest insolvency statistics show that the Isle of Wight was in the top 5 local authorities for the highest rates of personal insolvency a combination of bankruptcies, individual voluntary arrangements and debt relief orders in 2016 and that such insolvencies are most common in coastal towns, says insolvency and restructuring trade body R3.
The statistics show that the Island has the fourth highest overall rate of personal insolvency in England and Wales with a little over 38 in every 10,000 adults entering some form of formal insolvency procedure, an increase of approximately 17.5% on the previous year. During 2016, 438 people on the Island entered a formal procedure, which equates to roughly 1 in every 262 adults….
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