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In the last final months of last year, 28,973 people in England or Wales entered a personal insolvency solution - an IVA , DRO or bankruptcy. R3, the leading professional association for insolvency professionals, has commented on the figures.
Frances Coulson, President of R3 , warned of the emergence of 'zombie' debtors - people who are able to service their debt enough to stay out of formal insolvency, but aren't capable of actually reducing the amount they owe.
Annual statistics from the Registry Trust, a non-profit organisation which registers all County Court Judgments (CCJs) in England and Wales, shows the total debts amongst people issued with CCJs is falling.
CCJ debts in England and Wales fell to £1.72 billion last year from over £2 billion in 2010. In the space of a year, the total value of CCJ debts fell by £309 million, representing a decline of 15%.
The number of people declared insolvent in Scotland has fallen again, to the second-lowest level we've seen in four years.
In the final three months (the fourth quarter) of 2011, just 2,615 Scottish residents were declared bankrupt - fewer than in any of the other three quarters of last year. In fact, this was the second-lowest quarterly total since early 2008.
IVAs for Ireland?
It might not be called an IVA / Individual Voluntary Arrangement, but the new form of debt settlement arrangement being introduced in Ireland certainly looks similar. The Irish ...
New approach to bankruptcy in Ireland
In England, Wales and Northern Ireland, people with serious debt problems might be able to enter an IVA (Individual Voluntary Arrangement) , a DRO (Debt Relief Order) or bankruptcy ...
VAT exemption for Trust Deeds & IVAs
After a 'landmark court ruling', Protected Trust Deeds, like IVAs, have been declared to be exempt from VAT, credittoday.co.uk reports. After a judge ruled that IVAs were exempted from ...