BusinessBusiness RecoveryIndividual insolvency numbers soar

Individual insolvency numbers soar

With personal debt at record levels in the UK, individual insolvencies have shot up by 25% in just one calender year, new figures put out by the Department of Trade & Industry have revealed.

Link: Consumer borrowing sparks bankruptcy fears

The latest figures show that 10,294 individuals were declared insolvent in the first quarter of 2004 compared with 8,117 for the same period last year.

Figures published by the Bank of England last year showed that personal debt had soared to a record £10bn, increasing 13% on the previous year growing by the fastest pace since 1990.

There was far better news for companies, with just 3,155 businesses in England and Wales going belly up in the first quarter of 2004, a decrease of 4.6% on the previous quarter and a decrease of 14.3% on the same period a year ago, when the figure totalled 3,682.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor