Insolvency statistics for the period January to March 2014 have been released. They show a 14.3% increase in Individual Voluntary Arrangements over the previous quarter, despite a decrease in the amount of individual insolvents.
The figures show over half of all personal insolvents now make voluntary agreements with their creditors.
Bankruptcies, meanwhile, fell by 15% compared with the same quarter last year. Similarly, Debt Relief Orders decreased by 9.3%.
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The statistics also showed an increase in company liquidations, following a dip at the end of 2013, though the number of Company Voluntary Arrangements stayed the same.