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Insolvencies 'set to rise'

Published on 6 Nov 2009 under category: legal

Personal insolvency figures are set to increase, it has been claimed.

Tenon Recovery has suggested that approximately 35,000 became insolvent in the quarter up to the end of June.

This would mark a rise of 2,000 from the previous three months.

Louise Brittain, a partner for Deloitte, agreed that government figures are expected to show more than 30,000 insolvencies in the third quarter.

She added: "This figure is staggering, and unfortunately the end is not in sight. I fully expect that by the year end, 2009 will have broken all personal insolvency records, with the total number of petitions likely to exceed the 130,000 mark."

This compares to total insolvencies for the whole of 2008 of 106,544.

Official insolvency statistics are set to be released later today (November 6th).

Earlier this year, the government launched an insolvency consultation which aimed to examine the rules and regulations regarding the process.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.