TaxPersonal TaxPersonal insolvencies to break record

Personal insolvencies to break record

History will be made as the number of annual personal insolvencies breaks all records

Personal insolvencies are set to reach their highest level since records
began, smashing the previous high set in 2006.

There were 107,288 personal insolvency filings in the whole of 2006 according
to the Insolvency Service. The figure, estimated by Tenon, today (27 October)
stands at 107,014.

As there are approximately 300 personal insolvencies filed every day,
tomorrow should break previous records, with two months of the year still to go,
according to Mark Sands national head of bankruptcy at Tenon.

“I expected this year to be the worst on record but even I have been stunned
by the level of personal insolvencies,” said Sands.

“We are sailing past the previous record and still have more than two months
of the year to go. At this rate we expect to see as many as 130,000 personal
insolvencies over the whole of 2009, an increase of 22% on the levels seen in
2008,” he added.

The Insolvency Service will release its third quarter statistics on personal
and company administrations on 6 November.

Further reading:

Worst ‘yet to come’ for insolvencies

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