Personal bankruptcies in the US have fallen by a massive 71% one year after
the adoption of the Bankruptcy Abuse Prevention and Consumer Protection Act of
Research provider LexisNexis found that Chapter 7 bankruptcy filings were 71%
lower than over the same period for 2004.
In 2006 from 1 January to 15 September, there were 237,578 filings, compared
with 830,014 for the same period in 2004.
The Act gives the US Trustee Program new responsibilities in a number of
areas, including: implementing a new means test’ to determine whether a debtor
is eligible for chapter 7 (liquidation) or must file under chapter 13
(wage-earner repayment plan); supervising random audits and targeted audits, and
certifying entities to provide the credit counseling that an individual must
receive before filing bankruptcy.
LexisNexis said though that a number or factors would continue to impact on
the rate of personal bankruptcies including such things as higher mortgage
rates, rising interest rates, increasing unemployment levels and higher energy
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