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Bankruptcies hit 15-year low as rates provide relief

Official figures show that personal and corporate insolvencies continued their long-term decline in the third quarter, with bankruptcies at their lowest level since 1999. According to the Insolvency Service, the number of individuals entering any form of insolvency is now at its lowest rate since before the financial crisis. Company liquidations fell by almost 12% in the last quarter compared to last year, while administrations decreased by 19%. The liquidation rate is at its lowest since 1984. Andrew Tate, deputy vice president of insolvency trade body R3, said it was surprising corporate insolvency rates were so low despite an improving economy.

 

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