Figures published by the Accountant in Bankruptcy show a 25% increase in the number of personal insolvencies in the first quarter of 2010/11 as against the previous quarter. The figures also show a 1% decrease against the same quarter in the previous year. While there has been a decrease the numbers are quite significant with 5319 personal insolvencies reported in the first quarter of 2011/12. That number includes both bankruptcies and protected trust deeds.
Part of the increase has been put down to the introduction of the Certificate of Sequestration which has made the route to sequestration easier for certain debtors. 759 debtors used the Certificate as a route to sequestration in addition to 1305 who petitioned through the LILA (Low Income Low Asset) procedure.