BusinessBusiness RecoveryUK bankrupts reach highest levels on record

UK bankrupts reach highest levels on record

UK bankruptcies have hit their highest levels since records began, caused in part by excessive levels of borrowing, figures released today show

The number of bankrupts in the UK now exceeds 40,000 for the year to June
2005, a rise of 28% for the same period last year, according to research by
KPMG.

Experts predict the problem is set to get worse over the next year, despite
the current figures being at their highest level since records began.

Steve Treharne, head of personal insolvency at KPMG said: ‘These figures do
not paint a pretty picture and cannot be unrelated to the huge rise in mortgage
repossessions and the increasing bad debts reported by consumer lenders
recently.

‘We have a major consumer debt problem and, if current trends continue, we
could see annual bankruptcy rates at double the present level before we see any
improvement.’

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