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• Latest Insolvency News Return to homepage
  • 700,000 people in Debt Management Plans
  • Taxman to Use Debt Collection Agency
  • OFT warns debt management and call centres to stop making unsolicited and misleading cold calls
  • Personal Insolvency Statistics - Q1 2009
  • Accuma sells IVA book
  • Exeter City Council made a woman bankrupt for unpaid council tax
  • Camden Council obtain bankruptcy order against lady with mental health problems
  • Wolverhampton Council make man bankrupt for not paying Council Tax

Personal Insolvency Statistics - Q1 2009

There were 29,774 individual insolvencies in England and Wales in the first quarter of 2009.  This is made up of 19,062 personal bankruptcies and 10,713 Individual Voluntary Arrangements.  The figures represent an overall increase of 1.6% on the previous quarter and an increase of 19.0% on the same period a year ago.

The increase highlights the growing financial problems currently being experienced across households struggling with personal debt in England and Wales.  The figures for bankruptcy are the highest on record.

Q1 2009 data shows:

• 23.4% increase in individuals entering into bankruptcy compared to the corresponding quarter of the previous year
• Individual Voluntary Arrangements (IVAs) were up 3.6% on the previous quarter and up 11.8% on the corresponding quarter of the previous year.

With unemployment currently around 2 million and the collapse of many owner-managed businesses the level of personal insolvency is likely to continue to rise in the coming months.  The property market remains slow-moving with slight signs of recovery across some parts of the country.  However, many households still have little or no equity in their homes.

Redundancies for the three months to February 2009 was 270,000, up 45,000 over the quarter and up 162,000 over the year.  This is the highest figure since comparable records began in 1995.

Other news items

• 700,000 people in Debt Management Plans, posted on 05-06-2009
• Taxman to Use Debt Collection Agency, posted on 05-06-2009
• OFT warns debt management and call centres to stop making unsolicited and misleading cold calls, posted on 04-06-2009
• Personal Insolvency Statistics - Q1 2009, posted on 04-06-2009
• Accuma sells IVA book, posted on 04-06-2009
• Exeter City Council made a woman bankrupt for unpaid council tax, posted on 04-06-2009
• Camden Council obtain bankruptcy order against lady with mental health problems, posted on 04-06-2009
• Man made bankrupt for not paying Council Tax, posted on 04-06-2009