|Company Insolvencies Rise by 10%|
The number of companies that went into administration or insolvency in England and Wales in the first three months of the year rose by 10%.
The Insolvency Service said 1,290 firms had receivers or administrators appointed, compared with 1,173 in the final three months of last year.
The number of people being declared insolvent in England and Wales fell slightly during the first quarter.
At 28,723, the total was down 1% from the previous quarter.
Joanna Elson, the chief executive of the Money Advice Trust, said: "Insolvency figures only represent the tip of the iceberg when it comes to the scale of debt problems faced by households across the UK."
"Survey data suggests around 10 million individuals in the UK (around 20% of the adult population) find themselves in a constant struggle to manage their debts."
Compared with a year ago, both corporate and individual insolvencies were down in the first three months of this year.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on May 8, 2012