INCREASING numbers of individuals declared themselves bust in the final three months of 2020.
Official data from the Insolvency Service shows there were 31,059 individual insolvencies in the four quarter of 2020, up 57% on the previous three months.
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The Insolvency Service said this was mainly driven by an increase in registrations of individual voluntary arrangements (IVAs) a formal agreement to repay creditors a reduced amount for a set period – while the number of bankruptcies also increased.
The number of individual insolvencies was down 9% annually during 2020 to a three-year low of 98,897 but the Insolvency Service said the reduction was at least partly driven by…
Read the full article at: https://www.thesun.co.uk/money/13888735/sharp-rise-in-bankruptcies-and-ivas/
