UK personal insolvencies fall to 10-year low

The number of people declared insolvent fell to its lowest level in 2015, according to data released by the Insolvency Service.

Giving details on Friday, IS said 79,965 people were known to have unmanageable debt last year, down 19% on an annualised basis; a fifth successive decrease in the annual total.

On a quarterly basis, the total grew to 20,404; a 3.6% increase over the previous quarter, but 10.5% lower than the same quarter in 2014.

Away from individual debt, IS estimates suggest 14,629 companies entered into insolvency last year; a decrease of 10% over 2014 but the lowest annual total since 1989.