Bankruptcy levels on the rise in East Anglia
Bankruptcy levels on the rise in East Anglia
Tuesday 25th November 2008
Following an analysis of recent statistics from the Insolvency Service, the Eastern Daily Press found that 709 people petitioned for bankruptcy in the region during the third quarter of 2008 – an increase of ten per cent on the previous year.
In Norwich, the three-month period saw 269 people start bankruptcy proceedings, representing a rise of 36 per cent on 2007 levels.
Mark Sands, restructuring director with KPMG in Cambridge and East Anglia, told the newspaper: "The downturn and the associated increases in unemployment are starting to have an impact.
"This is being seen not only in the increase in people choosing personal insolvency, but also in the related issues of increased mortgagee possessions and the greater use of charging orders by unsecured lenders who have not been paid."
An IVA represents a possible alternative to debtors considering bankruptcy, with the Times recently explaining how such an arrangement can help people avoid the "stigma" of going bankrupt.
News article brought to you by SimpleIVA – UK IVA specialists.
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