The latest figures from the Insolvency Service reveal the benefits of insolvency advice Manchester residents have seen over the past year or two.
Final figures have been published for the full year of 2012, during which time total individual insolvencies in England and Wales reached an equivalent of 24.5 people per 10,000, or about a quarter of a percent.
But in Manchester, the rate stood at 1.7 per 10,000 less than this, at 22.8 people per 10,000 residents.
To put this into perspective, more than 150 local authorities across England and Wales saw individual insolvency rates of more than 25.2 per 10,000 population.
The data is testament to the quality of the insolvency advice Manchester residents receive, and how it helps many to tackle their economic concerns head-on, and escape insolvency or bankruptcy.
In terms of types of individual insolvency, Manchester scored:
- 6 bankruptcies per 10,000 population (national average: 7.1)
- 7.6 IVAs per 10,000 population (national average: 10.5)
- 9.2 debt relief orders per 10,000 population (national average: 7)
Clearly there is work to be done on the last measure, to try and help more of the region’s households to recover their finances without the need for any formal recovery instrument.
But with the city standing tall in terms of its performance on individual insolvency as a whole, there is plenty to be positive about moving into 2014.
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