Record level of bankruptcies

Record level of bankruptcies

Wednesday, May 11, 2005

Individual bankruptcies shot up by 2.8% on the previous quarter and by 24.5% on the corresponding quarter of last year, said the Department of Trade and Industry.

Nearly a third of these (3,139) were Individual Voluntary Arrangements (IVA's), which although had fallen on the previous quarter, had increased 40.1% on the corresponding quarter of the previous year.

Recent changes to bankruptcy laws may have made people more willing to choose bankruptcy as a way of sorting out their finances. More than three quarters of bankruptcy cases now come from people declaring themselves bankrupt rather then being forced into it.

There were 2,900 company liquidations in England and Wales in the first quarter of 2005 on a seasonally adjusted basis. This was a decrease of 1.3% on the previous quarter and a decrease of 7.4% on the same period a year ago.

Accountancy firm KPMG is reported as saying that the current trend could reach annual rates of 60,000 bankruptcies within the next three years.

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