The number of company insolvencies declined by 14% in the last quarter compared to the previous three months, according to data released by the government's Insolvency Service.

However, individual insolvencies are 23% higher than they were this time last year.

Personal insolvencies hit a record high in the second quarter of the year with over 33,000 individuals claiming bankruptcy. This has been attributed to the introduction in April of the Debt Relief Order, a cheaper way for those with less than £15,000 of debts to become insolvent.