Latest Insolvency Statistics published by the Insolvency Service today! 28.2% increase in personal insolvencies
As, inter alia, the Financial Times, BBC, Wall Street Journal, the Times, (whose sensationalist title, "Personal insolvency numbers soar to highest since start of the Sixties" seems to forget that we are NOT in the 1960s and that comparisons are virtually meaningless as bankruptcy law now performs a different function to that which it did it 2000, let alone 1961!), the Mirror, ("400 a day go bankrupt" - no wonder the Registrars are so busy!) and the Daily Mail (this article is particularly interesting because of the readers' response comments which indicate an alarming perception of English and Welsh insolvency laws as being a feckless debtors' charter) are reporting, the Insolvency Service have issued the latest insolvency statistics. As the Insolvency Service note, the figures show that there were 35,242 individual insolvencies in England and Wales in the third quarter of 2009. This was an increase of 28.2% on the same period a year ago. This was made up of 18,347 bankruptcies (which were up 6.4% on the corresponding quarter of the previous year), 12,390 Individual Voluntary Arrangements (IVAs), (which were up 20.9% on the corresponding quarter of the previous year) and 4,505 Debt Relief Orders (DROs).