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Friday, May 01, 2009

Bankruptcies Rocket

Unsurprisingly, given the state of the economy, the number of bankruptcies has rocketed. The Insolvency Service report that corporate insolvencies rose to 4,941 in Q1 of 2009, a rise 56% over the same period last year, and rise of 7% on Q4 of 2008.

Individual insolvencies rose by 19% to 29,774, this is the highest level since records began in 1960.

Personal bankruptcies rose by 23% per cent to 19,062, and individual voluntary arrangements (IVA's) rose by almost 12% to 10,713.

Unfortunately, things are likely to get worse before any improvement in the economy (as and when that happens) kicks in.

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