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04 Nov 2002
According to Department of Trade and Industry statistics, 7,831 people filed for bankruptcy in England and Wales in the third quarter of 2002. Worryingly, this is an increase of 2.0% on the previous quarter, 6.4% up on the same period last year.
According to insolvency expert Jeremy Willmont, partner at Moore Stephens, the biggest number of bankrupts are individuals who can't pay their mortgages or credit card debts.
He said: 'The real concern is the number of bankruptcies of individuals.
'There is a limit to how much people can borrow before they are unable to repay their debts. Clearly, more and more people are reaching that limit.'
In contrast, company insolvencies dropped on a year-on-year basis, as 3,873 companies filed for insolvency last quarter. This was a drop of 6.1% on the previous quarter, but still 5.2% increase on the third quarter of 2001.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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