The number of companies going bust in England and Wales has dropped to its lowest level since the end of 2007.

Figures from the Insolvency Service show that 986 firms went into administration, receivership or a company voluntary arrangement in the third quarter of this year, a 25% drop on the previous quarter.

Personal insolvencies rose slightly, to 28,062, though that was still fewer than a year ago.Although personal insolvencies increased by 2% from the second quarter of the year, the total was 7.2% lower than year earlier.

Lee Manning, of R3, the trade body for insolvency experts, said the drop in corporate insolvencies probably reflected the recent revival in the economy, which grew by 1% in the third quarter of the year.

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