Latest Figures from Insolvency Service
11 February 2021
Pandemic starts to show in UK insolvency figures?
In the latest figures from the Insolvency Service, personal insolvencies increased by 57% in the third and fourth quarters of 2020.
For the whole of 2020 there were 111,424 personal insolvencies, which represented a 9% decrease on 2019. The breakdown of insolvencies is as follows:
- 78,478 individual voluntary arrangements (IVAs) – a 1% increase from 2019
- 20,321 debt relief orders (DROs) – a 25% decrease from 2019
- 12,625 bankruptcies – a 25% decrease from 2019
The total number of bankruptcies in 2020 was the lowest since 1990. The increase in personal insolvencies in the final two quarters may be a sign that the pandemic is starting to show in the official insolvency figures.
Business insolvencies in Q3 and Q4 of 2020 also showed an increase of 17%; however total business insolvencies for the whole of 2020 were 27% less compared to 2019 – perhaps a sign of government measures to support businesses during the pandemic.
£ 7,643.75 as full and final settlement received on a 3 year old debt, just 3 weeks after instruction.
Proactive collection cycle recovers aged debt inside 24 hours.
£ 31,616.44 recovered for 2 companies owed money by the same debtor
