Number Of People Going Bankrupt England Wales 2008 Third Quarter

	Do you live in Scotland? As Scotland has its own legal system, distinct from that of England and Wales, laws relating to bankruptcy are different too. In Scotland, personal bankruptcy is known as sequestration.

Would you like to talk to a trained debt counsellor about alternatives to bankruptcy? more More news Bailiffs to get more powers but not much needed regulation Citizens Advice warns Citizens Advice Bureau reports sharp rise in debt problems Record number of people going bust - and it's set to get worse More than a million householders use credit card borrowing to pay their mortgage or rent Number of CCJs issued hits ten year high Number of Scots going bankrupt hits record high	Bankruptcy figures jump in third quarter of 2008 The number of people declared bankrupt in England and Wales during the third quarter of 2008 has jumped by 9.5% compared to the same period in 2007 according to the latest figures released by the Insolvency Service. There were a total of 27,087 personal insolvencies during the third quarter of 2008, consisting of 17,341 bankruptcies and 9,746 Individual Voluntary Arrangements (IVAs). The number of bankruptcies has not only increased year on year, but from quarter to quarter too - up 12.1% on the second quarter of 2008. The number of Individual Voluntary Arrangements (IVAs) were also up 3.3% on the previous quarter, but down 3.1% year on year - a sign that thje credit crunch is reducing the number of IVAs banks are willing to accept. The number of businesses going bust also shot up during the third quarter of 2008. There were 4,001 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the third quarter of 2008 on a seasonally adjusted basis - an increase of 10.5% on the previous quarter and an increase of 26.3% on the same period a year ago. November 14th 2008

Professional Debt Advice

Would you like to talk to a trained debt counsellor about alternatives to bankruptcy? more

More news

Bailiffs to get more powers but not much needed regulation Citizens Advice warns

Citizens Advice Bureau reports sharp rise in debt problems

Record number of people going bust - and it's set to get worse

More than a million householders use credit card borrowing to pay their mortgage or rent

Number of CCJs issued hits ten year high

Number of Scots going bankrupt hits record high

Bankruptcy figures jump in third quarter of 2008

The number of people declared bankrupt in England and Wales during the third quarter of 2008 has jumped by 9.5% compared to the same period in 2007 according to the latest figures released by the Insolvency Service.

There were a total of 27,087 personal insolvencies during the third quarter of 2008, consisting of 17,341 bankruptcies and 9,746 Individual Voluntary Arrangements (IVAs).

The number of bankruptcies has not only increased year on year, but from quarter to quarter too - up 12.1% on the second quarter of 2008.

The number of Individual Voluntary Arrangements (IVAs) were also up 3.3% on the previous quarter, but down 3.1% year on year - a sign that thje credit crunch is reducing the number of IVAs banks are willing to accept.

The number of businesses going bust also shot up during the third quarter of 2008. There were 4,001 compulsory liquidations and creditors’ voluntary liquidations in total in England and Wales in the third quarter of 2008 on a seasonally adjusted basis - an increase of 10.5% on the previous quarter and an increase of 26.3% on the same period a year ago.

November 14th 2008

© Bankrupt.co.uk 2009. All rights reserved. Please note the contents of this website are for information purposes only and do not constitute financial advice. Please seek independent professional advice before taking action that may affect your financial well-being.