Insolvencies rocket in 2006
More than 100,000 individuals enter insolvency in 2006, representing £1.4bn of debt
More than 100,000 individuals enter insolvency in 2006, representing £1.4bn of debt
Insolvencies rocketed to over 100,000 in 2006, with £1.4bn of debt written
off in the process, according to new figures by KPMG.
The firm estimates that 45,000 individuals took an IVA during the last 12
months, with 65,000 declared bankrupt. The amount owed by IVA debtors averaged
£52,000, with 39% of that sum proposed as repayment.
‘Given so many people with enormous debts, and the high average level, too
many people have debts that they have no realistic hope of repaying,’ said Steve
Treharne, head of personal insolvency at KPMG.
‘Any excessive spending over Christmas and at the New Year sales, especially
where goods are paid for on credit, risks tipping even more consumers over the
edge.’
There were over 60,000 insolvencies in 2005.
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleBody Shop, Ted Baker, Farfetch, MatchesFashion and Wilko among latest retailer insolvencies. Number of businesses in trouble are the highest in five y...
View articleInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View article