Insolvency statistics - 2nd quarter of 2008

fermi

Insolvency Stats 2nd Quarter 2008

INDIVIDUAL INSOLVENCIES

There were 24,553 individual insolvencies in England and Wales in the second quarter of 2008 on a seasonally adjusted basis. This was a decrease of 2.0% on the previous quarter and a decrease of 8.3% on the same period a year ago.

This was made up of 15,297 bankruptcies, a decrease of 1.3% on the previous quarter and a decrease of 5.7% on the corresponding quarter of the previous year, and 9,256 Individual Voluntary Arrangements (IVAs), a decrease of 3.2% on the previous quarter and a decrease of 12.4% on the corresponding quarter of the previous year.

For bankruptcy orders there has been a pronounced shift towards debtor’s petition bankruptcies and away from creditor’s petitions in recent years. By the second quarter of 2008, 84% were made on the petition of the debtor.

The percentage of bankruptcy orders involving trading debts (self-employed bankruptcies) has fallen from 61% in 1995 to 12.1% in the first quarter of 2008 (second quarter 2008 figures for trading-related bankruptcies are not yet available). It should be noted, however, that figures for 2007 onwards are based on a revised classification and are not entirely consistent with earlier years figures.

Details for Scotland can be found by following the link. (The table is too wide to post ).

betterlatethannever

Thanks Fermi.
I'm amazed to see decreases though. I thought they predicted, back in January, more insolvencies this year than the last.
I feel/fear it might start to rise soon though.

rog2

betterlatethannever wrote: »

I feel/fear it might start to rise soon though.

I have to agree with you, bltn. In any case a 2% drop is hardly significant - it certainly doesn't mean that we are a 'dying breed'.

Richard_S

Who's made this Thread all big and ungainly? Is there a Board Guide around anywhere?:rotfl: :rotfl: :rotfl:

I think that must be a temporary decrease, I can't see how they can fail to go up further for another couple of years, before the trend is reversed.

k2nga

i agree i bet by the end of the year we will see a massive increase. Some threads on here have said about not being able to get appointments so the courts cant get them through and i bet thats why its showing a slight decrease.

NekoZombie

k2nga wrote: »

i agree i bet by the end of the year we will see a massive increase. Some threads on here have said about not being able to get appointments so the courts cant get them through and i bet thats why its showing a slight decrease.

I'm not so sure - I think there is clear downward trend from Q4 of 2006, and supect this is because people are finidng new ways of managing their debts, namely through dmps and the like.

GettingHopeful

Possibly but the IVAs are down too. I was surprised when I booked my BR at court that they could do me the next day if I wanted, whereas a couple of months earlier there was a 7 -10 wait for a court appearance.

The trend is mystifying - are the banks and credit card companies being more careful at least over the last year or so - not that I saw any sign of that because with every other statement my limit was being increased.

SouthCoast

Does anybody know if their is a breakdown of the individual court figures, as my experience of Brighton does not agree with national trends?

tight_jock

SouthCoast wrote: »

Does anybody know if their is a breakdown of the individual court figures, as my experience of Brighton does not agree with national trends?

If you look in the local paper you will see

" Fred Bloggs" currently residing at 999 xyz street Brighton
Employed as a Flagpole painter.

Number 1111 of 2008 in Brighton.

This number is the number this year in that court.

So_Sad_Angel

In the last year many people have been more careful about spending but eventually it will catch up with them.

I like many people know more & more people that I know who are suffering difficulties & I can`t see an end for a while yet.

Be thankful that the figures are stable for now but I worry that there are tougher times ahead!

Angex

coolcait

But :eek: :eek: at the Scottish stats!!

78.3% up on the second quarter last year. And 1,709 out of 2,853 sequestrations are Low Income Low Asset cases (LILA). And the people on here who have done LILA have found that it takes a few weeks to do.

So if there have been nearly 2,000 cases already, what are the end of year figures going to look like?

And if Scots are being told (as the BBC reported about a week ago) that the credit crunch isn't hitting so hard here :rotfl:does that mean that the England and Wales figures would be higher if there was a LILA option there too?

Does it mean that LILA is making it 'too easy' to opt for bankruptcy? (inverted commas because I don't believe that bankruptcy is ever an 'easy' option!)

Or something else entirely?

(I don't expect anyone to have answers to these questions - I certainly don't!!! But as they're the questions running through my mind after seeing those stats, I thought I'd share the confusion with all of you. I know you'll give me thought provoking answers... )