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Insolvency on the up

29 January 2018

The number of people who became insolvent jumped by 9.4% in 2017.

In all just under 100,00 (99,196) individuals were declared insolvent in England and Wales. That’s up from 90,657 in 2016.

The number of Individual Voluntary Arrangements (IVAs) rose to a record level of 59,220 – up 20% year-on-year. IVAs mean you avoid full-blown bankruptcy and protect an individuals’ assets.

Meanwhile, company insolvencies in 2017 rose by 4.2% to 17,243. The worse affected sectors were administration and support services, as well as construction.

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