Tag: Insolvency Service

Fewer people declared bankrupt in 2011

Fewer people declared bankrupt in 2011

The number of people declared insolvent in 2011 in England and Wales declined to 119,850, the lowest level for three years and a fall of 11.3 per cent from a record high in 2010. There was a sharp decline at the end of 2011, when personal insolvencies fell by 5.6% compared with the last three [...]

February 3, 2012 | 0 Comments More
Government looks into bank accounts for bankrupts

Government looks into bank accounts for bankrupts

Although people who have been made bankrupt are legally allowed to hold a bank account, in practice most banks refuse to allow an undischarged bankrupt to open one. This reluctance is because of the risk that a trustee could pursue the bank for loss of money following a bankruptcy. However, the lack of a back [...]

Insolvency Service unveils bankruptcy and insolvency figures

Insolvency Service unveils bankruptcy and insolvency figures

Figures published by the Insolvency Service have revealed personal insolvencies rose 1% in the April to June period. According to the Insolvency Service, there were 30,513 personal insolvencies in the three-month period – up from 30,162 in the three months to the end of March. While this is a slight rise, the total is actually [...]

Personal insolvencies hit record high in 2010

Personal insolvencies hit record high in 2010

Figures published by the Insolvency Service have revealed personal insolvencies climbed to a new high in 2010. According to the Insolvency Service, there were 135,089 personal insolvencies in 2010 - a rise of 0.7% compared with 2009. This was also double the number of people declared insolvent in 2005 and represented the highest figure since [...]

Bankruptcies and insolvencies in decline

Bankruptcies and insolvencies in decline

Figures published by the Insolvency Service have revealed bankruptcies and personal insolvencies fell in the third quarter but nevertheless remained above pre-credit crunch levels. According to the Insolvency Service, there were 33,935 personal insolvencies in the July to September period - a fall of 3.7% compared with the same period a year earlier. Meanwhile, there [...]

Personal insolvencies fall for first time since 2007

Personal insolvencies fall for first time since 2007

Figures today revealed the number of people being declared insolvent in England and Wales may have peaked after falling for the first time since 2007. According to the Insolvency Service, there were 34,743 personal insolvencies in the April to June period, a fall of 3% compared with the first quarter. However, they were still 5% [...]

Personal insolvencies reach fresh high

Personal insolvencies reach fresh high

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 [...]

Growth too slow to halt record company administrations

Growth too slow to halt record company administrations

Having studied the latest figures from the Insolvency Service, Grant Thornton is predicting a glut of company failures in England and Wales during 2010. Last year saw a record 4,161 companies placed in administration (up 1.7% on 2008) and the accountancy firm warns: “There is no light at the end of the tunnel for troubled [...]

Personal insolvency figures soar in fourth quarter

Personal insolvency figures soar in fourth quarter

Figures from the Insolvency Service today highlighted the impact that the recession has had on many individuals. According to the organisation, the number of people declared insolvent in England and Wales reached a record high in the last three months of 2009. There were 35,574 people declared insolvent in the last three months of the [...]

Personal insolvencies up 28% on year

Personal insolvencies up 28% on year

Figures from the Insolvency Service have revealed that personal insolvencies were up 28% in the third quarter of 2009 compared with the same period a year ago. There were 35,242 personal insolvencies in the period - a 6.6% increase on the second quarter. However, the number of businesses declared bankrupt declined, with 4,716 company liquidations, [...]

TMA warns not to be fooled by signs of recovery

TMA warns not to be fooled by signs of recovery

Britain’s turnaround and recovery professionals, TMA (UK) is warning that recent house price gains and rises in share prices should not be taken as an end to the economic downturn. According to the group, there is still a severe lack of bank lending to businesses, which in turn has an impact on the capacity of [...]

Personal insolvencies soar to record high

Personal insolvencies soar to record high

The Insolvency Service has today revealed the impact of the recession after the number of people being declared insolvent in England and Wales hit a record high. According to the figures, a record 33,073 people in England and Wales were declared insolvent in the second quarter of 2009. This represents a rise of 9% compared [...]

Downturn hits home as bankruptcies hit new high

Downturn hits home as bankruptcies hit new high

Figures from the Insolvency Service have published some alarming news after it reported that company failures and personal bankruptcy has reached a record high for England and Wales. In the last three months of 2008, there were 2,428 corporate insolvencies such as administrations and receiverships, according to the Insolvency Service. This represented an increase of [...]

Surge in number of firms going bust

Surge in number of firms going bust

Figures from the Insolvency Service have revealed a surge in the number of people and firms being declared insolvent in England and Wales. According to the Insolvency Service, 4,001 companies fell into liquidation during the third quarter, a rise of 10.5% compared with the previous quarter, and a 26.3% rise compared with the same period [...]