BusinessBusiness RecoveryKPMG predicts record bankruptcies

KPMG predicts record bankruptcies

150,000 will be insolvent in 2009 as figure keeps on rising

KPMG expects official bankruptcy figures to top 18,500 people in Engalnd and
Wales for the three months to March, 500 more than in the previous quarter.

The number of bankruptcies rose each quarter during 2008, and KPMG expects
the trend to continue until there are 150,000 people in bankruptcy by the end of
2009.

The figures, to be released by the Insolvency Service today, include those
who take out an individual voluntary agreement, under which interest on debt is
frozen in exchange for a set amount being repaid each month,
The Telegraph
reported.

Next quearter, the insolvency numbers will for the first time include those
who take out Debt Relief Orders, which are available to those with debts less
than £15,000 who seek to avoid a court bankruptcy ruling.

Related Articles

EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

3m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

7m Emma Smith, Managing Editor
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
PwC questioned over BHS ‘going concern’ audit

Accounting Firms PwC questioned over BHS ‘going concern’ audit

1y Chris Warmoll, Writer
MPs hear from trio of Big Four firms over BHS advice

Accounting Firms MPs hear from trio of Big Four firms over BHS advice

1y Chris Warmoll, Writer
FRP Advisory hires new partner from KPMG

Accounting Firms FRP Advisory hires new partner from KPMG

1y Richard Crump, Writer
Former Torex CEO sues KPMG and RBS

Accounting Firms Former Torex CEO sues KPMG and RBS

1y Richard Crump, Writer
BHS enters administration as Duff & Phelps fail to find suitable buyer

Accounting Firms BHS enters administration as Duff & Phelps fail to find suitable buyer

1y Fraser Simpson, Reporter