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Individual insolvencies decrease in Q4 2007

Individual insolvences in England and Wales in the fourth quarter of 2007 has seen a decrease of 16.4 per cent on the same time in 2006.

Company liqudations also saw a decrease of 2.1 per cent from the same period a year earlier.

There were 24,846 individual insolvencies in England and Wales, a decrease of 3.9 per cent on the previous quarter.

This was made up of 15,659 bankruptcies, a decrease of 1.1 per cent on the previous quarter and a decrease of 8.3 per cent on the corresponding quarter of the previous year, and 9,188 Individual Voluntary Arrangements, a decrease of 8.3 per cent on the previous quarter and a decrease of 27.3 per cent on the corresponding quarter of the previous year.

Annually, total individual insolvencies in 2007 (at 106,645) were 0.6 per cent less than in 2006 (107,288). Bankruptcy orders (at 64,480) were 2.4 per cent higher than in 2006 (62,956), while IVAs (at 42,165) were 4.9 per cent lower than in 2006 (44,332).

There were 3,135 company liquidations in England and Wales in the fourth quarter of 2007. This was an increase of 0.3 per cent on the previous quarter and a decrease of 2.1 per cent on the same period a year ago.

Year-on-year there have been only modest trends and fluctuations in company liquidations over the last decade. At 12,426, total liquidations in 2007 showed a 5.4 per cent decrease on 2006 (13,137).

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