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LATEST NEWS & EVENTS Personal insolvency levels 'could hit 150,000 this year'  Annual personal insolvency levels could reach a record high this year, according to one firm. RSM Tenon Debt Solutions claimed that, over the course of 2010, the number of people in this situation may hit 150,000 for the first time. The firm suggested that last year saw a total of around 130,000 individuals enter into some form of insolvency, which was an increase of more than 22 per cent on the previous annual record in 2006. It went on to claim that the figure for the next 12 months will be higher. Commenting on the issue, Mark Sands, head of bankruptcy at the firm - which is part of the RSM Tenon group of accounting and consultancy services companies - said: "As the bankruptcy courts closed their doors for the last time in 2009, more than 130,000 people will have turned to personal insolvency." He went on to describe such action as a "last desperate measure" for dealing with financial difficulties. Rick Munro, corporate recovery and insolvency partner at Lamport Bassitt, commented: "Bankruptcy is only one option available to those in financial difficulties. "Others, such as individual voluntary arrangements, ought also to be considered if informal agreements cannot be reached with creditors, which in many cases they can without substantial expense. "It is important to seek advice from a professional early." 
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