Individual insolvencies at lowest for eight years

In total 101,049 individuals became insolvent last year, the lowest number since 2005.

On the corporate side, 14,982 companies went into liquidation, the lowest since 2007.

However, the figures are still considerably higher than they were before the financial crisis.

Warning

The number of individuals becoming insolvent in 2013 fell by 8% compared with 2012, while the number of companies going out of business fell by 7.3%. One reason for the reduction in individual insolvencies has been the fact that consumers have found it harder to borrow money in the first place.

Read More: www.bbc.co.uk/news/business-26082570