Insolvency Figures Buck the Predicted Trend
Much has been written recently about the dire state of personal finances in the UK, but figures recently released by the Insolvency Service have shown that it may not be as bad as all the doom and gloom merchants are predicting. Their latest report shows that the number of individual insolvencies in England and Wales actually fell during 2007 when compared to the previous year. A total of 106, 645 insolvencies were recorded last year, 0.6% lower than in 2006. Although the total number of insolvencies has reduced, that doesnâ t show the full picture; bankruptcy orders recorded during 2007 numbered 64, 480, representing an increase of 2.4% on the previous year, but Individual Voluntary Agreements (IVAs) were down 4. ...
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