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Bankruptcies hit new low

The number of people declared bankrupt in England and Wales fell to its lowest level in nearly five years in the third quarter, the Insolvency Service said yesterday.

A total of 13,907 people went bankrupt in the three months to the end of September, the lowest level since 2005 and 24 per cent down on the same period of 2009. But the drop was partly offset by record numbers opting for debt relief orders, as consumers continued to struggle with their debts. Corporate insolvencies fell for the sixth consecutive quarter, with company liquidations dropping to 3,881.