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04/02/2005
Number of bankruptcies show sharp rise
The number of people going bankrupt has risen dramatically, according to the latest insolvencies statistics published by the Department of Trade and Industry (DTI).
Individual insolvencies in England and Wales rose to 13,013 in the fourth quarter of 2004 – an increase of 8% on the previous quarter and a rise of 34.6% on the same period in the previous year.
These figures included 9,803 bankruptcies – an increase of 6.3% on the previous quarter and a 28.9% rise on the corresponding quarter last year. Individual Voluntary Arrangements, an alternative to bankruptcy, which allows debtors to reach an agreement on repayments with their creditors, also rose to 3,210 – an increase of 13.3% on the previous quarter and 55.8% on the same period last year.
However, the figures showed that company liquidations fell slightly in the fourth quarter, to 2,938 in England and Wales – a slight decrease of 0.9% on the previous quarter and a decrease of 11.1% from the same period a year ago.
The figures revealed that compulsory liquidations fell slightly, while the number of voluntary liquidations rose.
Compulsory liquidations rose 0.8% on the previous quarter, to 1,136, an increase of 0.3% on the previous year, while 1,802 creditors chose voluntary liquidation – a decrease of 2% on the previous quarter and 17.1% on the previous year.
Receiverships were also down (by 24%) on the same period last year, while administrations rose (by 84%).
Desmond Flynn, Insolvency Service, Inspector General and Agency Chief Executive, said: "Receivership appointments have continued to fall with the figures for 2004 being the lowest ever. An increasing number of companies are choosing the administration process when they get into financial difficulty. This is reflected in the number of administrations in 2004, which, rose by 115 per cent over the corresponding year for 2003."
The Inspector General added: "As regards those who act in an unreasonable or reckless manner prior to their bankruptcy, The Service is already making use of the personal provisions to the Enterprise Act introduced on April 1, 2004. So far, eight individuals have either agreed or are now subject to bankruptcy restrictions for periods of between three to six years.
He added: "Bankruptcy has never been an easy option, six years is double the length of time restrictions would have applied under the previous legislation."
(KMcA/SP)
Individual insolvencies in England and Wales rose to 13,013 in the fourth quarter of 2004 – an increase of 8% on the previous quarter and a rise of 34.6% on the same period in the previous year.
These figures included 9,803 bankruptcies – an increase of 6.3% on the previous quarter and a 28.9% rise on the corresponding quarter last year. Individual Voluntary Arrangements, an alternative to bankruptcy, which allows debtors to reach an agreement on repayments with their creditors, also rose to 3,210 – an increase of 13.3% on the previous quarter and 55.8% on the same period last year.
However, the figures showed that company liquidations fell slightly in the fourth quarter, to 2,938 in England and Wales – a slight decrease of 0.9% on the previous quarter and a decrease of 11.1% from the same period a year ago.
The figures revealed that compulsory liquidations fell slightly, while the number of voluntary liquidations rose.
Compulsory liquidations rose 0.8% on the previous quarter, to 1,136, an increase of 0.3% on the previous year, while 1,802 creditors chose voluntary liquidation – a decrease of 2% on the previous quarter and 17.1% on the previous year.
Receiverships were also down (by 24%) on the same period last year, while administrations rose (by 84%).
Desmond Flynn, Insolvency Service, Inspector General and Agency Chief Executive, said: "Receivership appointments have continued to fall with the figures for 2004 being the lowest ever. An increasing number of companies are choosing the administration process when they get into financial difficulty. This is reflected in the number of administrations in 2004, which, rose by 115 per cent over the corresponding year for 2003."
The Inspector General added: "As regards those who act in an unreasonable or reckless manner prior to their bankruptcy, The Service is already making use of the personal provisions to the Enterprise Act introduced on April 1, 2004. So far, eight individuals have either agreed or are now subject to bankruptcy restrictions for periods of between three to six years.
He added: "Bankruptcy has never been an easy option, six years is double the length of time restrictions would have applied under the previous legislation."
(KMcA/SP)
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