A drop in the number of people going bankrupt across England and Wales last month could be the “calm before the storm”, experts have warned.

There were 739 bankrupties in May, down 49 per cent compared with the same month last year, according to Insolvency Service data.

The number of debt relief orders (DROs), another form of personal insolvency, was also down by 32 per cent compared with May 2019.