February 5th in Insolvency, PwC, Recession by Editor .
UK Breaks More Records – Personal Insolvencies Hit New Highs
Government’s Insolvency Service reveals personal insolvencies hit record numbers, with 134,142 in 2009…
That’s a 24.9% increase form the same period in 2008, also a record at the time with 106,544 insolvencies.
Pat Boyden, partner and personal insolvency expert at PricewaterhouseCoopers, told Accountancy Magazine:
‘The huge numbers of people entering insolvency demonstrates the real effect the recession is having on the average person in the UK. However, the one chink of light in this worrying story is that more of those people entering insolvency are entering into individual voluntary arrangements as opposed to straight bankruptcy, meaning they are seeking ways of settling their debts.’
