UK Money News
1st February 2008
UK insolvencies fell last year
The number of Britons declared insolvent during 2007 has dipped slightly from last year's record high, it has been revealed.
According to the Insolvency Service, 106,645 people were declared insolvent over the course of the year.
This represents a dip of 0.6 per cent compared with 2006, with the fall coming after over a decade of year on year rises dating back to 1997.
Of this year's insolvencies, Individual Voluntary Arrangements (IVAs) accounted for 42,165 of the total - a fall of 4.9 per cent from last year - while bankruptcy orders rose by 2.4 per cent and climbed to 64,480.
The final quarter of the year, however, saw a decrease for both bankruptcies and IVAs by 8.3 per cent and 27.3 per cent respectively.
However, despite the final quarter figures, Mike Gerrard, head of personal insolvency at Grant Thornton, said he expected a slew of insolvencies this year.
"From here on in it's going to be a rough ride for many individuals and the numbers going insolvent will rise," he predicted.
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