Bankruptcy numbers fall in Lancashire

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The number of people going bankrupt or in other personal insolvency procedures in Lancashire has fallen for the second year in a row, according to new figures for 2013.

The government figures analysed by the insolvency trade body R3 show that 2,270 people in the county became insolvent in 2013 – a rate of 24.2 people in every 10,000. That was slightly down on 2012, when the insolvency rate was 27.1 per 10,000 people and significantly lower than 2010, when the insolvency rate peaked at 32.4. The average personal insolvency rate for the North West in 2013 was 25.6.

Blackpool once again had the highest level of personal insolvencies in the North West, with a rate of 40.8 per 10,000 people. The figures include people who are made bankrupt, take out an Individual Voluntary Arrangement, or a Debt Relief Order.

Richard Wolff, North West regional chairman said: “While it’s certainly to be welcomed that in most places the levels of personal insolvency have fallen from their peak, it is however very important to remember that the official statistics don’t capture those people in informal debt management plans. R3’s own research reveals that one in 14 adults - around 7 per cent - in the North West are in a debt management plan which in my view is a significant proportion of the population.”