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Personal bankruptcies at a record low in Q2 2021

The number of people entering personal insolvency procedures has reduced by around 4.3% to 27,662 individuals compared to the previous quarter, but corporate insolvency figures are shown to have risen

The figures, released by the Insolvency Service, reveal that there were 2,385 individuals entering bankruptcy, 4,367 entering Debt Relief Orders (DRO), and there as 20,910 entering Individual Voluntary Arrangements (IVA) in the second quarter (Q2) of 2021.

This figure is the least number of personal bankruptcies in one quarter for over a decade with the Insolvency Service reporting a 7% drop on the same quarter last year. The figures represent the continued creditor tolerance and a reluctance to act against individuals whilst pandemic restrictions have been in place.

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