Bankruptcy levels on the rise in North Wales
Bankruptcy levels on the rise in North Wales
Thursday 15th January 2009
According to data from the Insolvency Service, 292 people were declared bankrupt in the county court during 2008, representing a 29 per cent increase on the previous year's figure.
The Denbighshire Press reports that many small businesses in the area are struggling to cope with mounting debts and the impact of recession.
Darren Miller, Welsh Assembly member for Clwyd West, told the local newspaper that he was "very concerned" by the bankruptcy figures.
He commented: "The current situation is clearly having an adverse impact on the lives of businesses and families, particularly where businesses have lost their jobs given the massive rise in bankruptcies."
The Federation of Small Businesses recently claimed that a government-imposed cap on credit card interest rates could help smaller firms survive the economic downturn.
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