The number of people declared bankrupt in England and Wales was up by nearly 9 per cent during the third quarter of the year.

In total of 27,087 people were made insolvent in the three months to the end of September.

The figure is a rise of 8.8 per on the previous quarter and 4.6 per cent on the same period last year.

At the same time the number of companies put into administration soared by more than 50 per cent year-on-year to 1,007 in the three months to the end of September.

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