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Insolvencies are at a record highUK, 9th May 2009 - Individual insolvencies are at a record high with an average of 330 people going bust everyday. Latest insolvency data for the first three months of 2009 showing a 19 percent year-on-year rise inclusive of Individual Voluntary Arrangements (IVAs) and bankruptcies. The majority of people entering into IVAs are homeowners, which is a huge increase from the same period last year as the value of UK homes and the equity that people hold has fallen. Insolvency companies predict that personal insolvencies may go above 125,000 this year, but the number of companies hitting the wall in England and Wales has actually fallen. Due to the high levels of unemployment, the number of sole traders becoming insolvent is likely to continue to rise over the next few months. Of the insolvencies, 19,062 were bankruptcies whilst IVAs were up by 11.8 percent compared to 2008. |
