The amount of people declared insolvent in the UK hit a record high in the last quarter of 2009 and during the year in full, according to data released by the Insolvency Service.

Figures revealed that 35,574 people were declared insolvent in the last three months of the year - a rise of 25% on the same period a year earlier.

Over 2009 as a whole, there were 134,142 people declared insolvent in the UK. This is up 26% compared with 2008, and higher than the previous record - in 2006 - of 107,288.

"The figures show that one in every 320 adults in England and Wales entered a formal insolvency process (Bankruptcy, Individual Voluntary Arrangement or Debt Relief Order) in the calendar year 2009," said Alec Pillmoor, Head of Personal Insolvency at Baker Tilly.