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07/05/2004
Personal bankruptcies rise as debt pile grows
The latest DTI figures on personal bankruptcies have revealed a 26.8% jump during the first quarter of this year when compared with 2003.
Government statistics for England and Wales showed 10,294 individual bankruptcies in the first three months of 2004, which, although 0.5% down on the preceding quarter, sees the figure remain close to an 11-year peak.
Today's figure is not quite as bad as in 1993 when the quarterly number of personal bankruptcies topped 10,940 as millions of homeowners faced negative equity problems and the UK remained in the grip of a major recession.
In comparison DTI figures for corporate insolvencies showed that 3,155 companies were declared insolvent in England and Wales in the first quarter of 2004 on seasonally adjusted basis. This was a decrease of 4.6% on the previous quarter and a decrease of 14.3% on the same period a year ago.
The number of active companies becoming insolvent in the twelve months ended Q1 2004 stood at 0.8% - a decrease on the previous quarter and on the corresponding quarter in 2003.
The corporate statistics are the first to fully include the effects of changes in corporate insolvency legislation under the Enterprise Act.
In certain circumstances, the act, which came into force last September, allows a company to be wound up without necessarily being liquidated and subsequently being declared insolvent.
(SP)
Government statistics for England and Wales showed 10,294 individual bankruptcies in the first three months of 2004, which, although 0.5% down on the preceding quarter, sees the figure remain close to an 11-year peak.
Today's figure is not quite as bad as in 1993 when the quarterly number of personal bankruptcies topped 10,940 as millions of homeowners faced negative equity problems and the UK remained in the grip of a major recession.
In comparison DTI figures for corporate insolvencies showed that 3,155 companies were declared insolvent in England and Wales in the first quarter of 2004 on seasonally adjusted basis. This was a decrease of 4.6% on the previous quarter and a decrease of 14.3% on the same period a year ago.
The number of active companies becoming insolvent in the twelve months ended Q1 2004 stood at 0.8% - a decrease on the previous quarter and on the corresponding quarter in 2003.
The corporate statistics are the first to fully include the effects of changes in corporate insolvency legislation under the Enterprise Act.
In certain circumstances, the act, which came into force last September, allows a company to be wound up without necessarily being liquidated and subsequently being declared insolvent.
(SP)
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Bankruptcies on the increase
The number of people declaring themselves bankrupt in England and Wales is continuing to increase, the latest figures have revealed. According to new figures from the Insolvency Service, there were 26,021 individual insolvencies in England and Wales in the second quarter of 2006 - an increase of 10% on the previous quarter and an increase of 66.
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