Bankruptcies Hit New Record

According to the Government’s Insolvency Service, the number of people being declared bankrupt in England and Wales has hit a new record. In the first 3 months of the year there were a record 19,062 bankruptcies and 10,713 Individual Voluntary Arrangements.

However, the number of companies going bust in England and Wales fell back in the first 3 months of the year – even though the figures were still 54% higher than a year ago.

In the first Quarter of 2009 there were 29,774 personal insolvencies in total, 1.6% up on the previous quarter and 19% up on a year ago.

In addition, there were 1,783 corporate insolvencies such as receiverships and administrations in the first three months of the year, although that was 27% fewer than in the last quarter of 2008.

But the number of company liquidations in England and Wales has continued to increase. There were 4,941 compulsory liquidations and creditors’ voluntary liquidations in the first Quarter – up 7.1% on the previous three months, and 56% up on the year. 

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