The number of people facing financial insolvency in England and Wales rose sharply in March, with official figures showing a 30 per cent year-on-year increase and a record number of applications for debt relief orders.
Data published by the Insolvency Service shows there were 12,252 personal insolvencies recorded last month, up from the same period a year earlier and 3 per cent higher than in February.
Personal insolvency comprises bankruptcies, individual voluntary arrangements (IVAs), and debt relief orders (DROs), with the latter reaching unprecedented levels.
In March, 4,523 debt relief orders were registered, the highest monthly total since their introduction in 2009.
The figure surpassed the previous record of 4,301…