The Insolvency Service recently published official statistics showing that the number of individual insolvencies in 2015 fell to the lowest annual level for a decade (by 19% to 79,965).

The statistics also show that:

This case concerned whether a fee payable by a tenant for assigning the lease involved the provision of “credit” for the purposes of the Consumer Credit Act 1974 (CCA).

From 1 January 2016, deposits made by private individuals and small businesses to any authorised firms are protected by the Financial Services Compensation Scheme to a limit of £75,000 (previously £85,000).

The Insolvency Service published its quarterly statistics on company insolvency and individual procedures showing:

Credit Today reports that recent statistics from the Accountant in Bankruptcy (AiB), the government agency that administers the insolvency regime in Scotland, have revealed that:

The recent appeal to the High Court in Woolsey v Payne [2015] EWHC 968 (Ch), from the Chief Registrar in insolvency proceedings, considered the application of sections 16B and 74(1)(a) of the Consumer Credit Act 1974, which relate to the enforceability of loans made for business purposes and/or in the course of a business.

The Insolvency Service has published its insolvency statistics for Q1 2015 which show that personal insolvencies were at the lowest level since Q4 2005.  In the 12 months ending Q1 2015, 1 in 478 adults (just over 0.2% of the adult population) became insolvent.  This was the lowest rate since the 12 months ending Q1 2006.