More British consumers declared themselves bankrupt over the course of last year than has ever been the case, according to the latest data.
Figures released by the Ministry of Justice have shown that almost 44 per cent more people with debt management problems opted for bankruptcy than was the case in 2005.
However, while over 53,000 people around the country took the decision to go bankrupt themselves last year, there was a fall in the number who were obliged by their debtors to enter the same process.
Furthermore, there was a reduction in the number of people who found themselves in the position of having their creditors petition for them to be declared bankrupt.
Earlier this month, the accountancy firm KPMG suggested that the prospects for indebted Britons are “bleak” despite the fall in personal insolvency figures around the country in the final quarter of last year.