| Personal insolvencies 'down 11%' in 2011 |
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| Friday, 03 February 2012 11:08 | |||
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Fewer people were declared insolvent in 2011 in England and Wales than during the previous year, but the number of companies going bust increased.
There were 119,850 people declared insolvent over the year, the Insolvency Service said, which was down 11.3% on the record high of 2010. In the final three months of the year, there was a 5.6% fall compared with the same period a year earlier. The number of firms going bust in 2011 increased by 1.3% compared with 2010. Debt choices There was a 29% fall in the number of people who were declared bankrupt, considered to be the most traditional form of insolvency, but one that puts assets such as a home at risk.
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