Figures reveal record bankruptcy levels
Figures reveal record bankruptcy levels
Friday 6th February 2009
According to the data, 19,100 people declared bankruptcy during that three-month period, representing a 22 per cent increase on the corresponding quarter in the previous year and setting a new record.
In addition, 29,444 people were declared insolvent during the final quarter - an increase of 18.5 per cent on the previous year - with 10,334 of that total opting to take out an IVA.
The figures also reveal that 4,607 businesses went into liquidation in the fourth quarter of 2008 - 52 per cent more than a year earlier.
Commenting on the data, chief UK economist at Global Insight Howard Archer said the level of bankruptcies will continue to rise as the year goes on.
"Deep economic contraction, sharply rising unemployment, higher debt levels, lower equity prices, and more and more people being trapped in negative equity will exact an increasing toll over the coming months," he commented.
News article brought to you by SimpleIVA - UK IVA specialists.
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