Insolvencies fall to five-year low

Personal insolvencies have dropped to their lowest level in five years despite the tough economy, official figures show.

There were 25,006 individual insolvencies across England and Wales in the first three months of 2013, marking the lowest figure recorded since the first quarter of 2008, according to Insolvency Service statistics. This marked a 1.8% drop on the previous quarter and a 12.9% fall compared with the same period a year ago.