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Record numbers declared bankrupt

May 1 2009

A record number of people have gone bankrupt during the first quarter of the year as the economic downturn continued to take its toll.

A total of 19,062 people were declared bankrupt on a seasonally adjusted basis during the first three months of the year, 23.4% more than during the same period of 2008, the Insolvency Service said.

The number of people who went insolvent, which includes both bankruptcies and those taking out an Individual Voluntary Arrangement (IVA), also rose to a new high of 29,774.

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