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Personal insolvencies up 27% - Credit Today

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Personal insolvencies up 27% - 07/08/2009



Personal insolvencies hit 33,073 in the second quarter of 2009 in a 27 per cent increase on the same period last year.


Figures published this morning by The Insolvency Service show that of the 33,073 insolvencies, bankruptcies were up 15.3 per cent to 18,870, individual voluntary arrangements (IVAs) increased 27.4 per cent to 12,225 and Debt Relief Orders (DROs), which came into effect in April, reached 1,978.


In the second quarter of 2009, 86 per cent of bankruptcies were made on the petition of the debtor, a level similar to the previous quarter and slightly higher than throughout 2007 and 2008 as a whole. The percentage of bankruptcy orders involving trading debts (self employed bankruptcies) was 13.7 per cent in the first quarter of 2009. Figures are not yet available for the second quarter but the first quarter figure was up slightly from 12.9 per cent in the previous three months.


The figures emerged just as debt advice charity The Debt Advice Foundation unveiled plans to set up a new helpline.


Andrew Redmond, trustee of the charity and former chief executive of Debt Free Direct (Fairpoint Group PLC), said: "As the recession continues to bite we anticipate that personal insolvencies will continue to rise, putting additional strain on debt advice resources. Citizens Advice Bureau is reporting over 7,000 debt enquiries every working day. Indeed the growing number of people struggling to cope with their debts has led us to create a dedicated Debt Advice Foundation helpline which will launch on Monday to provide immediate advice and assistance to UK consumers.


"Looking at the figures it is clear that the banks have relaxed their approach towards accepting IVAs; with IVAs up 27 per cent compared with bankruptcies at only 15 per cent. These figures do not reflect the much higher number of insolvent consumers entering unregulated Debt Management Plans – as yet the numbers of which are not included in official statistics."


The statistics from The Insolvency Service also show that corporate insolvencies reached 1,529 in the second quarter of 2009 in a 22.7 per cent increase on the same period last year.


There were 5,055 compulsory liquidations and creditors’ voluntary liquidations in England and Wales in the second quarter of 2009, a rise of 2.9 per cent on the previous three months and a 39.1 per cent increase on the same period in 2008. Corporate liquidations comprised 1,457 compulsory liquidations, which are down 6.8 per cent on the previous quarter, and 3,598 creditors voluntary liquidations, which were up 7.4 per cent on the previous three months but a massive 56.8 per cent from a year ago.


A spokesperson for the Association of British Insurers said: "The latest insolvency figures are alarming. They are particularly bad news for suppliers who are unsecured creditors, as it’s likely they will herald an increasing number of pre-packaged administrations, in a year which has already seen a record number."


Bob Kingdon, head of compliance at debt collection agency 1st Credit, said: "The latest insolvency figures show that the difficulties in the economy continue to impact personal debt levels, with a dramatic increase in the number of personal bankruptcies, up by 15.3 per cent on last year. There are currently around 569 DROs per month and if this rate continues, we could see just under 8,000 DROs in 2009."


"For those in debt it can be hard to see a way out of the problem, but we would advise those people to first admit there is a problem and work with debtors and the free advice sector to find a solution. Bankruptcy is not necessarily the only solution; it does have serious implications and needs to be carefully considered."




Oh dear...It looks like people may be getting wise and saving up for BR rather than pay their alleged debts ;)

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"Please don't go bankrupt - let us persecute you instead" cracking advice from one of the more odious professions

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