There has been a decline in the number of self-employed people declaring bankruptcy in the UK.
Although there has been an increase in personal insolvencies being reported, it seems self-employed workers are avoiding bankruptcy.
Over the past three months, a total of 833 bankruptcies were reported by self-employed people – a fall of four per cent compared to the previous quarter, according to figures from the Insolvency Service.
A report from the service explained bankruptcy levels for sole traders has remained “broadly stable” since the middle of 2015.
The outlook is less positive for other workers, with pressure on individuals who have seen poor wage growth, while inflation has increased.
Anyone concerned about financial issues are advised to seek professional help as soon as possible in order to limit potential problems.