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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.
Andrew Bowers of Re10 Insolvency Practitioners commented that the increase highlights the growing financial problems currently being experienced by people 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.
Figures provided courtesy of the Insolvency Service