For the year insolvencies reached 107,288 up almost 60% from the previous
year’s figure of 67,584.
The firm said the figures showed that
were catching up with bankruptcies to become the insolvency procedure of choice
for resolving serious debt issues – there were 12,741 IVAs for the fourth
quarter compared to bankruptcies, which numbered 17,063.
Mike Gerrard, Grant Thornton’s head of personal insolvency, said, ‘Rising
personal insolvencies are, in the most part, fuelled by consumers who borrow to
spend, struggle to repay what they’ve borrowed and then quickly find themselves
caught out in a spiral of debt they can’t escape from. The problem is at such a
serious level that almost 300 people are becoming insolvent each day.’
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children