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Huge rise in companies going bust
BlondeHeadOn
Posts: 2,277 Forumite
From article just posted on Beeb website:
http://news.bbc.co.uk/1/hi/business/7874026.stm
There has been a huge rise in the number of firms going bust in England and Wales because of the recession.
Figures from the government's insolvency service show that in the last three months of 2008 there were 2,428 corporate insolvencies.
That was a 220% rise on the same period the year before.
In the same period, 29,444 people were made bankrupt or entered an individual voluntary arrangement (IVA), 19% more than a year ago. Of those, 19,100 were bankruptcies while 10,344 were IVAs.
Personal insolvency
The number of people who were declared insolvent stood at 106,544 in England and Wales, was roughly the same as in 2007.
But within that, the number of bankruptcies reached a record level, both for a year and a quarter.
"We are now seeing victims of the recession - professionals, traders, contractors and people who have been laid off - not just people who have overspent on a credit card," said Mr Boyden. "I think bankruptcies will go much higher in 2009," he added.
http://news.bbc.co.uk/1/hi/business/7874026.stm
There has been a huge rise in the number of firms going bust in England and Wales because of the recession.
Figures from the government's insolvency service show that in the last three months of 2008 there were 2,428 corporate insolvencies.
That was a 220% rise on the same period the year before.
In the same period, 29,444 people were made bankrupt or entered an individual voluntary arrangement (IVA), 19% more than a year ago. Of those, 19,100 were bankruptcies while 10,344 were IVAs.
Personal insolvency
The number of people who were declared insolvent stood at 106,544 in England and Wales, was roughly the same as in 2007.
But within that, the number of bankruptcies reached a record level, both for a year and a quarter.
"We are now seeing victims of the recession - professionals, traders, contractors and people who have been laid off - not just people who have overspent on a credit card," said Mr Boyden. "I think bankruptcies will go much higher in 2009," he added.
0
Comments
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Horrendous news. I have heard of companies that the banks are pulling the plug on even though the Companys are still pulling in an income! I don't get that myself. Maybe the see something that we don't!0
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