The number of firms going into insolvency in England and Wales in the second quarter of this year declined 2% from the previous three months of the year.

Just over 1,300 firms were declared insolvent in the second quarter of the year. These corporate insolvencies - accounted for by receiverships, administrations and company voluntary arrangements - were 14% lower than in the same quarter of 2009.

The number of people being declared insolvent in the UK also declined - the first time this has occurred since 2007.

There were just over 34,000 personal insolvencies in the second quarter of 2010, down 3% on the first three months of the year.