by business editor Trevor Sturgess

Individual insolvencies have fallen by 11% in the third quarter of the year.

Figures released today showed there were 30,219 individual insolvencies, down 11.0% on the same period a year ago.

The total was made up of 9,567 bankruptcies - down 31.2% on the same quarter a year ago - 13,048 Individual Voluntary Arrangements (IVAs) - up 0.7% - and 7,604 Debt Relief Orders, up 7.6% and the highest quarterly total since their introduction in April 2009.

Compulsory liquidations and creditors' voluntary liquidations in England and Wales edged up 0.1% to 4,242 - a rise of 6.5% on the same period a year ago.

The Insolvency Service said figures for Kent and Medway were not available in the latest figures but annual totals would be published next year.

Sarah Hamilton-Fairley, CEO of social enterprise StartHere, said: "Overall, individual insolvencies are down compared to a year ago, but those faced with severe debt problems won't care about statistics. Behind every one of those personal insolvencies is a personal crisis, but it's one that can be made easier with the right support, whether that's help to slash their monthly outgoings or a debt management plan organised with creditors."

Steve Rees, managing director of Vincent Bond & Co, said: "It it is important to remember that insolvencies are still at a record high for the last ten years. Nationally 23 million of us are still struggling with unsecured debt, and almost a million people will need help with managing payments on debt this year.

"The numbers show that our view of debt is driven by basic emotions like fear and pride. We need to learn the lesson that people, like countries, will do almost anything to avoid the humiliation of a default - which makes the crash, when it comes, even greater and more emotionally shocking."