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Insolvencies 'dropped in the last quarter'

The government has released new official insolvency figures, showing an overall decline for the past quarter.According to the April-June 2008 results, overall rates of individual insolvencies dropped by two per cent over the three months - with 24,553 people declaring that they could no longer manage their debts.The number of people taking out an Individual Voluntary Arrangement - known in the industry as "bankruptcy lite" - was found to have declined by 3.2 per cent over the period.Bankruptcies also dropped by 1.3 per cent, the government said.Overall, insolvencies have dropped by 8.3 per cent over the year - although, worryingly, company liquidations were found to have increased by 11.6 per cent from April to June.This could mean higher numbers of unemployed people - and, with job losses a key factor behind many people becoming trapped in debt, could lead to increased numbers of insolvencies in the future.

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