Latest figures have shown a reduction in the number of people filing for personal bankruptcy in the UK.
The Insolvency Service figures show that there were just under 34,000 personal insolvencies in the months July through to September. This is a 3.9% drop when compared with the same period of 2009. However despite the reduction bankruptcy cases are still well above levels before the economic downturn.
With bank credit remaining tight and the government’s austerity measures yet to begin in earnest, analysts warned difficult conditions would persist.
Responding to the report Louise Brittain, a partner at accountants Deloitte, said: “The high numbers of people filing for bankruptcy is unfortunately becoming the norm, and whilst today’s figures are down… we should not take this drop as a necessary sign of things to come.”
