The number of people going insolvent across England and Wales is expected to have fallen further in official figures released tomorrow.

Accountancy and recovery firm Baker Tilly predicts that data released by the Insolvency Service tomorrow will show that there were around 19,500 personal insolvencies in the second quarter of 2015, compared with 20,826 personal insolvencies recorded in the first quarter.

The predicted figures would build on the progress made across 2014, when the annual total dipped below 100,000 for the first time since 2005.

Three types of official personal insolvency make up the figures. These are bankruptcies, debt relief orders (DROs) which are aimed at people with lower amounts of debt and individual voluntary arrangements (IVAs), which involve money being shared out between creditors.

Baker Tilly's forecasts suggest a decrease in bankruptcies in the second quarter of 2015 to just under 4,150, just below 5,850 DROs and around 9,500 IVAs.

The number of bankruptcy orders has been on a decreasing trend since 2009.

Continued low interest rates are keeping the cost of borrowing cheap, although Bank of England governor Mark Carney recently suggested that the base rate could start to increase from its 0.5% historic low around the turn of the year.

Mark Sands, personal insolvency partner at Baker Tilly said: " We are due to see changes in the criteria for debt relief orders in October of this year which will mean that instead of debts up to £15,000, people with debts of up to £20,000 can enter into a DRO, so we could be seeing lower numbers because people are holding out for these changes to avoid entering into more serious and costly procedures such as bankruptcy.

"We're also seeing a rise in private sector wages, unsecured lending and confidence in the labour market which suggests that people are feeling more positive about their finances and finding ways to stay on top of their debts."

Figures recently released by the Insolvency Service show that the personal insolvency rate for women overtook that for men in 2014.

Across all age groups, the personal insolvency rate per 10,000 adults was 22.2 for women in 2014, whereas for men the rate was lower, at 21.2.