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.

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