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.