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
There were over 60,000 insolvencies in 2005.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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