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Personal insolvencies rise

Published on 9 Nov 2009 under category: legal

Personal insolvency rates have risen to a 49-year high.

Latest figures from the Insolvency Service show that these increased by 28 per cent in England and Wales during the last quarter.

This meant that there were 35,242 personal insolvencies during the three months up until the end of September.

The figure represents the highest quarterly amount since 1960.

Meanwhile, there were 18,347 bankruptcies during the quarter, which is a 6.4 per cent increase on last year.

However, there was better news for businesses, as there was a fall in the number of companies declared insolvent in the last three months.

This dropped by 4.7 per cent to 4,716 for the quarter.

Last week, Tenon Recovery predicted that the number of personal insolvencies in the UK during the last quarter would top 30,000.

Louise Brittain, a partner for Deloitte, added that this figure was "staggering", saying that she expects all insolvency records to be broken by the end of 2009.

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