Big leap in personal insolvencies
An increase in unemployment has prompted personal insolvencies to jump almost 12% in the first quarter of 2003 compared to the same period last year.
According to Department of Trade and Industry figures revealed last Friday, 8,103 individuals became insolvent between January and March of this year. This compares to an 8.2% drop in corporate failings during the same period as 3,684 companies went into formal administration procedures.
Insolvency experts say the drop in business failures reflects a higher number of companies moving towards a more consensual restructuring of debt and a more benign economic regime.