Instances of personal insolvency, corporate insolvency and administrations all dropped at the end of 2014, according to end-of-year figures from the Insolvency Service.
The organisation has published its statistics for the last three months of 2014, along with a comparison of the quarterly and full-year figures with previous years.
Corporate insolvency dropped, and the Insolvency Service particularly highlighted the fall in administrations, which it says are at their lowest since 2004.
This decade-long trend is mirrored in the prevalence of personal insolvency at the end of 2014, with rates also falling here.
Personal insolvency rates ended 2014 at their lowest for several years, a fact welcomed by Insolvency Service interim chief executive Graham Horne.
He said: “It is also good to see that more debtors have been able to reach agreements with those to whom they owe money through the use of Individual Voluntary Arrangements (IVAs).”
Of course, company insolvency remains a concern as the fallout from the recession continues to become apparent in sectors such as retail.
With many firms only just surviving through 2014, it is unlikely that the coming 12 months will offer no surprises in terms of big-name collapses – despite the overall improving trend.
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