Pictured: Dilip Dattani recovery director at RSM Tenon in Nottingham

2,854 people are expected to have been declared insolvent in the East Midlands in the second quarter of 2011, according to figures by RSM Tenon, the UK's 7th-largest accountancy and professional services firm.

RSM Tenon's prediction, issued ahead of the Insolvency Service's statistics due to be published tomorrow, is based on the number of people who have been declared bankrupt or taken out an individual voluntary arrangement or a debt relief order in April, May and June 2011.

This quarter's figure represents a fall of one per cent quarter-on-quarter, and a fall of 14 per cent year-on-year.

Dilip Dattani recovery director at RSM Tenon in Nottingham said: "Taking into account the current economic climate we are in these figures are encouraging.

"One explanation for the falling number of personal insolvencies in the East Midlands could be down to home owners taking advantage of the low base rate - which has stayed low for over two years. This has resulted in home owners having a little extra money.

"But the situation is still precarious - the low interest rate we have all taken advantage of will go up and this will have a significant impact on many people. We have already seen a sharp rises in utility bills, and interest rates will follow.

"To golden rule for anyone finding themselves in difficulty, or wishing to protect themselves against sudden change, is to seek professional help. Do not bury your head in the sand. At RSM Tenon we talk people through their options and help them find practical solutions."

Nationally, the Insolvency Service figures are expected to show that around 30,000 people became personally insolvent during April, May and June across the UK. The number is significant: it will mark the fourth consecutive quarter of year-on-year falls, and - although it is currently too close to call  - it could mark the first time that personal insolvencies have dropped quarter-on-quarter for five consecutive quarters since records began in 1960.

RSM Tenon predicts that there will be around 120,000 personal insolvencies and bankruptcies nationwide in 2011 - the lowest figure since 2008.