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    • fermi
    • By fermi 6th Nov 09, 9:13 AM
    • 39,669 Posts
    • 47,650 Thanks
    fermi
    • #2
    • 6th Nov 09, 9:13 AM
    News: Personal insolvency rises by 28% - & official stats
    • #2
    • 6th Nov 09, 9:13 AM
    BBC News: Personal insolvency rises by 28%

    A record number of people were declared insolvent in England and Wales in the third quarter of 2009, according to figures from the Insolvency Service.

    There were 35,242 personal insolvencies, up 28% from the same period last year and an increase of 6.6% on the previous three months.

    This extended the record number recorded earlier this year.
    But there was better news for business, with 4,716 company insolvencies, down 4.7% quarter-on-quarter.

    However, the number of businesses going bust in the third quarter of the year was still 14.6% higher than the same period a year ago


    STATISTICS RELEASE: INSOLVENCIES IN THE THIRD QUARTER 2009

    INDIVIDUAL INSOLVENCIES (not seasonally adjusted)

    There were 35,242 individual insolvencies in England and Wales in the third quarter of 2009. This was an increase of 28.2% on the same period a year ago.

    This was made up of 18,347 bankruptcies (which were up 6.4% on the corresponding quarter of the previous year),12,390 Individual Voluntary Arrangements (IVAs), (which were up 20.9% on the corresponding quarter of the previous year) and 4,505 Debt Relief Orders (DROs).




    The Debt Relief Order is a new individual insolvency procedure which came into force on 6 April 2009 and which provides an alternative route into personal insolvency for certain categories of over-indebted individuals, subject to some restrictions. Additional details are provided under the “Notes to Editors”, paragraph 12 and on the Insolvency Service website. Some of those who had a DRO approved would have been declared bankrupt had the DRO route not been an option, but it is not possible to quantify this proportion.


    In the third quarter of 2009, 85% of bankruptcies were made on the petition of the debtor, slightly down on the previous quarter, although figures remain slightly higher than throughout 2008 as a whole. The percentage of bankruptcy orders involving trading debts (self-employed bankruptcies) was 13.1% in the second quarter of 2009 (third quarter 2009 figures for trading-related bankruptcies are not yet available), which is a decrease from 13.7% in the previous quarter, but a little higher than throughout 2007 and 2008.




    INSOLVENCIES IN SCOTLAND AND NORTHERN IRELAND


    The following tables present recent trends in insolvencies in Scotland and Northern Ireland, complementing those for England and Wales above (longer series back to 1999 are presented in the accompanying detailed tables).





    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

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    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
    • MicheH
    • By MicheH 6th Nov 09, 9:14 AM
    • 2,604 Posts
    • 5,772 Thanks
    MicheH
    • #3
    • 6th Nov 09, 9:14 AM
    • #3
    • 6th Nov 09, 9:14 AM
    Thanks for that fermi, I'm one of those statistics, makes for sad reading
  • Trom
    • #4
    • 6th Nov 09, 10:35 AM
    • #4
    • 6th Nov 09, 10:35 AM
    Just spotted this and came to see if anyone else had seen it. Not that surprising I guess.
    BR 22/10/2009 ED 08/07/2010
  • princesspinchie
    • #5
    • 6th Nov 09, 11:13 AM
    • #5
    • 6th Nov 09, 11:13 AM
    Not surprised at all by this. Thanks for the info fermi
  • oregonuk1
    • #6
    • 6th Nov 09, 11:20 AM
    • #6
    • 6th Nov 09, 11:20 AM
    i think over time that will just get bigger and a recession like the one we have is all it needs.
    • dojoman
    • By dojoman 6th Nov 09, 11:30 AM
    • 11,909 Posts
    • 17,194 Thanks
    dojoman
    • #7
    • 6th Nov 09, 11:30 AM
    • #7
    • 6th Nov 09, 11:30 AM
    It just shows how many people are in the same boat, a sad sign of the times I suppose.
    B&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
    • dollparts
    • By dollparts 6th Nov 09, 5:56 PM
    • 1,193 Posts
    • 1,675 Thanks
    dollparts
    • #8
    • 6th Nov 09, 5:56 PM
    • #8
    • 6th Nov 09, 5:56 PM
    Sad but true.
    There used to be a street named after Chuck Norris, but it was changed because nobody crosses Chuck Norris and lives.
    • alastairq
    • By alastairq 6th Nov 09, 10:05 PM
    • 4,987 Posts
    • 4,090 Thanks
    alastairq
    • #9
    • 6th Nov 09, 10:05 PM
    • #9
    • 6th Nov 09, 10:05 PM
    it also shows how many more switched-on folk are out there...more than the financial industry would like, I'll wager?

    The stories of petulance on the part of the big institutions towards BR's get more and more...


    I also wager performance bonuses at DCA's and CC's will be down as well??
    • alastairq
    • By alastairq 6th Nov 09, 10:07 PM
    • 4,987 Posts
    • 4,090 Thanks
    alastairq
    BTW...I don't know why so many people get on their high horses regarding the morality of BR....when major govenment ministries are in fact, insolvent as well..[MoD for one]...
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