Record Bankruptcy Levels
Personal bankruptcies rose nearly 35% over the year
5th February 2005
Government figures show that personal bankruptcy levels rose by nearly 35% over the course of 2004, with over 13,000 personal insolvencies recorded in the final quarter of the year. Around three quarters of those insolvencies were bankruptcies, with the rest being Individual Voluntary Arrangements.
The increase has been attributed to the rise in interest rates combined with record personal debt levels, meaning particularly overstretched people can no longer make ends meet.
Company liquidations, however, fell by 11% over the year.
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