Coastal cities have highest personal insolvency figures

Personal insolvencies hit record levels in the UK’s coastal towns for the
second year running, according to top 25 firm Wilkins Kennedy.

Hull had the highest rate of new personal insolvencies with 51 new cases per
10,000 adults – more than double the figure of London with 20 per 10,000.
Blackpool came second with 49 per 10,000 adults, followed by Plymouth with 46
and Eastbourne with 44.

Keith Stevens, partner at Wilkins Kennedy, said the perception is that the
banking crisis hit large cities dependent on financial services hardest, such as
London, Manchester and Leeds. However, the evidence points to the coastal cities
of the country.

Stevens said: “The most ambitious and best educated individuals tend to move
and, in turn, that makes it tougher to attract new businesses to these areas.”

The UK average is 31 new personal insolvency cases per 10,000.

Personal insolvency cases include bankruptcy orders, individual voluntary
arrangements, (IVA) and debt relief orders (DRO).

Further reading:

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insolvency stats take first drop since 2008

Louise
Brittain to probe bankrupt Colin Hendry’s finances

ICAEW
sets up insolvency support for practitioners