The number of individuals in the UK declaring insolvency has increased for the second year running, with a return to levels 99,196 people not seen since the post-2008 recession.
Rates rose by 9.4% over the course of the year from a figure of 90,657 people in 2016.
Since the economic recovery following the the 2008 financial crisis, personal insolvency rates have fallen by noticeable levels, until the period 2016-2017 introduced political and economic uncertainty into many business sectors.
60% (59,220) of all of these cases of insolvency have been in the form of individual voluntary arrangements (IVA). IVAs are colloquially known as bankruptcy-lite as they come with the offer of administrative help, protection of assets, and…
Read the full article at: https://www.moneyexpert.com/debt/personal-insolvency-rates-rise-2nd-year-running/
