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| Personal insolvencies fall slightly | Personal insolvencies fall slightly |
| (40 minutes later) | |
| The number of people being declared insolvent in England and Wales fell slightly in the third quarter of 2011, while there was a small rise in corporate insolvency. | The number of people being declared insolvent in England and Wales fell slightly in the third quarter of 2011, while there was a small rise in corporate insolvency. |
| Personal insolvencies dropped by 1% from the second quarter of the year to 30,219, the Insolvency Service said. | Personal insolvencies dropped by 1% from the second quarter of the year to 30,219, the Insolvency Service said. |
| In the same period, company insolvencies rose by 2% to 1,253. | In the same period, company insolvencies rose by 2% to 1,253. |
| Although the number of firms going bust is now 10% up on a year ago, personal insolvencies are down by 11%. | Although the number of firms going bust is now 10% up on a year ago, personal insolvencies are down by 11%. |
| 'On the brink' | |
| "This is the fourth consecutive quarter where the level of personal insolvencies has remained around the 30,000 mark," said Louise Brittain, insolvency partner at Deloitte. | |
| The debt advice charity the Consumer Credit Counselling Service (CCCS) said increasing numbers of people were likely to go bust soon because of high inflation, wage freezes and redundancies. | |
| "There are millions of people teetering on the brink financially, whose household budgets are getting harder to manage every month," said Delroy Corinaldi at CCCS. | |
| Brian Johnson, insolvency partner at accountants HW Fisher, said company insolvencies were also expected to rise further. | |
| "The fall in manufacturing exports and consumer uncertainty about future prospects will mean that spending over Christmas is unlikely to come to the rescue of many beleaguered companies," he said. | |
| "In the run up to Christmas and in the New Year we are likely to see a sharp spike in the number of corporate insolvencies." |