Personal Insolvency On The Rise, As New Figures Released Todayposted on 6 August 2010 | posted in General Category | ( 0 ) CommentsNot surprising there has been a sharp increase in personal insolvency cases in England and Wales in the second quarter of 2010. This really shows how much people are struggling currently and it will only get worse. The number of people entering bankruptcy is currently down on previous figures, however we are predicting that this will increase dramatically in the next few months. We have to remember that the figures are not current and are based on the last quarter, so it's predicted that there will be a rise in all area's especially bankruptcy. We are currently seeing a rise in people wanting to petition for their own bankruptcies and this will increase over the next 24 months. Here are the latest figures released by the insolvency service. INDIVIDUAL INSOLVENCIES There were 34,743 individual insolvencies in England and Wales in the second quarter of 2010. This was an increase of 5.0% on the same period a year ago. This was made up of 14,982 bankruptcies (which were down 20.6% on the corresponding quarter of the previous year), 13,466 Individual Voluntary Arrangements (IVAs), (which were up 10.2% on the corresponding quarter of the previous year) and 6,295 Debt Relief Orders (DROs). In the second quarter of 2010, 85.7% of bankruptcies were made on the petition of the debtor, comparable to the levels for recent quarters. The percentage of bankruptcy orders involving trading debts (self-employed bankruptcies) was 12.7% in the first quarter of 2010 (second quarter 2010 figures for trading-related bankruptcies are not yet available), similar to the level for 2009 as a whole. Share this blog entry:
|
|||
Comments ( 0 ) - Add Your Comment |
|||
|
| |||||||
©Integrity Financial Services Ltd 2011 | ||||||||
