Insolvency figures tipped to hit record high

The number of people declared insolvent in England and Wales reached a new all-time high of 135,089 in 2010, the Insolvency Service said today.

The 0.7% rise on 2009's figure came despite a 13.6% drop year-on-year in individual insolvencies during the final three months of the period as the number of people struggling financially continues to improve.

The figures showed that 30,729 people were declared insolvent in the fourth quarter, which was also down on the previous month by 9.4%.