Bankruptcies reach record high
Bankruptcies reach record high
Friday 1st May 2009
The number of personal bankruptcies has risen by 23.4 per cent since last year, official figures show.Insolvency Service data for the first quarter of 2009 reveal there were 19,062 bankruptcies and 10,713 individual voluntary arrangements (IVAs) in England and Wales.
The total number of individual insolvencies is now at its highest level since records began in 1960. The figure rose 1.6 per cent from the last quarter of 2008 and is up 19 per cent on the first quarter of last year.
The Insolvency Service data for companies also showed a 56 per cent rise in firms going to the wall.
A total 4,941 liquidations were recorded, while 316 firms went into receivership, and 1,311 went into administration.
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