Steep Rise in Insolvencies
Number of personal insolvencies up 73% over 12 months
5th May 2006
New government figures show yet another steep rise in the number of people declaring themselves insolvent, with 73% more people doing so in the first quarter of this year compared to the same period in 2005.
In all, 23,000 people became insolvent during January to March 2006, with around a third of these entering into Individual Voluntary Arrangements (IVAs) and the other two thirds declaring themselves bankrupt.
Many experts think that 2006 could see the highest number of insolvencies on record.
Read More: BBC : Bankruptcies show dramatic rise
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