Personal insolvencies at new high in England and Wales

The number of people declared insolvent in England and Wales hit a record 135,089 in 2010 despite a 13.6% decrease in the fourth quarter.

The Insolvency Service said 3,955 companies were liquidated between October and December.

Bev Budsworth is managing director of The Debt Advisor and told the BBC that formal insolvencies are the ''tip of the iceberg''.

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