Bankruptcy England Wales 2006

More news Number of Scots going bankrupt hits record high Debt firms told to drop misleading TV and radio advertising Debt firms told to drop misleading TV and radio advertising 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 The number of people declared insolvent in England and Wales during 2006 smashed through the 100,000 mark for the first time, according to figures released by The Insolvency Service. Individual insolvencies in England and Wales are made up of people who are the subject of bankruptcy orders and individual voluntary arrangements (IVAs). In the fourth quarter of 2006, there were 29,804 individual insolvencies in England and Wales on a seasonally adjusted basis - an increase of 44% on the same period a year ago. This consisted of 17,063 bankruptcies (up 25% on the same period in 2005) and an 12,741 Individual Voluntary Arrangements (IVAs) (up 82% on the corresponding quarter in 2005). This takes the total number of people in England and Wales who were declared insolvent during 2006 to 107,288 - the first time the figure has exceeded 100,000 and four times the number who were declared bankrupt back in 1991, at the height of the last recession. Experts say that the record numbers are due to the growing number of people struggling with indebtedness coupled with changes in the law in 2004 that reduced the time it takes to discharge a bankruptcy from three years to one, thereby making it an "easier option". What's more, it's likely that insolvency figures will be higher still in 2007, with up to 130,000 people likely to becom,e bankrupt or enter into an IVA. February 2nd, 2007

More news

Number of Scots going bankrupt hits record high

Debt firms told to drop misleading TV and radio advertising

Debt firms told to drop misleading TV and radio advertising

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

The number of people declared insolvent in England and Wales during 2006 smashed through the 100,000 mark for the first time, according to figures released by The Insolvency Service.

Individual insolvencies in England and Wales are made up of people who are the subject of bankruptcy orders and individual voluntary arrangements (IVAs).

In the fourth quarter of 2006, there were 29,804 individual insolvencies in England and Wales on a seasonally adjusted basis - an increase of 44% on the same period a year ago. This consisted of 17,063 bankruptcies (up 25% on the same period in 2005) and an 12,741 Individual Voluntary Arrangements (IVAs) (up 82% on the corresponding quarter in 2005).

This takes the total number of people in England and Wales who were declared insolvent during 2006 to 107,288 - the first time the figure has exceeded 100,000 and four times the number who were declared bankrupt back in 1991, at the height of the last recession.

Experts say that the record numbers are due to the growing number of people struggling with indebtedness coupled with changes in the law in 2004 that reduced the time it takes to discharge a bankruptcy from three years to one, thereby making it an "easier option". What's more, it's likely that insolvency figures will be higher still in 2007, with up to 130,000 people likely to becom,e bankrupt or enter into an IVA.

February 2nd, 2007

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