New insolvency figures released

Written by Administrator on Tuesday 13 July 2010

New figures prove that personal insolvencies are highest in the North East

The North-South divide in England is still continuing.

Data from the Insolvency Service shows that in 2009, the North East of England had the highest number of bankruptcies and individual voluntary arrangements (IVAs), whereas London had the lowest level. This was also the case in 2008.

Cases of insolvency are at their highest as a result of unemployment levels and an increase in unsecured personal debts.

Even though there is a clear north-south split, the South West of England was the region with the second highest number of personal insolvencies in 2009.

Although these figures show the outcome of personal insolvencies for 2009, it is clear that people will face the same problem in 2010 from the data that has already been published. This year has seen a rise of nearly 18% of the number of people being declared insolvent in England and Wales compared with the first three months of 2009.

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