Personal bankruptcies to soar by 2009

Personal bankruptcies to soar by 2009

Government report predicts massive rise

The Department of Trade and Industry has forecast that the number of
bankruptcies will rise dramatically over the next three years to reach 28,000 a
quarter by March 2009.

It also warned that the problem would get even worse if there was a
recession, but denied the introduction of new laws like the Enterprise Act,
which make it possible to exit bankruptcy after just one year rather than three,
has encouraged more people to declare themselves insolvent.

Most prospective bankrupts, the report claimed, are not aware of the changes
to bankruptcy laws brought in by Act.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

5m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

5m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

6m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

6m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

6m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

6m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

7m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

7m Emma Smith, Managing Editor