The number of people whose financial situation deteriorated so badly that they became insolvent is expected to have increased year on year in 2016 in official figures released on Friday.
Restructuring firm RSM said it expected to see around 90,000 people having entered personal insolvency in England and Wales across 2016, which would be an increase compared with 2015, when there were around 80,000 personal insolvencies.
The Insolvency Service will release the official figures for the final quarter of 2016 on Friday.
There are three official types of personal insolvency in England and Wales – bankruptcies, debt relief orders (DROs) and individual voluntary arrangements (IVAs). Bankruptcies tend to be seen as a “last resort” while DROs are …
Read the full article at: http://money.aol.co.uk/2017/01/26/year-on-year-increase-in-personal-insolvency-numbers-expected/
