Personal insolvencies reach fresh high

| May 7, 2010 | 0 Comments

Figures published today by the Insolvency Service revealed a considerable rise in the number of people declared insolvent in England and Wales.

According to the Insolvency Service, there were 35,682 personal insolvencies in the first quarter of the year - the fifth straight quarter during which the total has hit a fresh high.

The figure was an 18% rise compared with the same three month period in 2009.

The number of insolvencies has been growing steadily since the last three months of 2007 - shortly after the credit crunch broke out. Rising unemployment and increases in the cost of living also means many are struggling to repay their debts.

The Insolvency Service said 134,142 people went insolvent during last year and many believe this year‘s total could be even higher at 150,000.

However, there was a slight improvement on the number of companies going bust with liquidations falling by 4% compared with the previous quarter to 4,196.

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