Insolvency Numbers Reach Record High

There were 33,073 individual insolvencies in England and Wales in the second quarter of 2009. This was an increase of 27.4% on the same period a year ago.

“MsoNormal” margin: 0cm 0cm 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;”>This was made up of 12,225 Individual Voluntary Arrangements (IVAs), up 27.4% on the corresponding quarter of the previous year, 18,870 bankruptcies (15.3% up on the corresponding quarter of the previous year) and 1,978 Debt Relief Orders.

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“MsoNormal” margin: 0cm 0cm 0pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto;”>With consumers unable to borrow their way out of debt due to the credit crunch & falling house prices and with the increase in the numbers of people being made redundant and reduced working hours, the green shoots of recovery being spoken about in some quarters looks a little premature.

Source: The Insolvency Service, 7 August 2009

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