Tips When Facing Up To Insolvency
On Friday the Insolvency Service will release figures showing the number of insolvencies in the UK in the first three months of 2010. The figures are expected to show a reduction in the number of corporate insolvencies. The position with personal insolvencies or bankruptcies, which include debt relief orders introduced this time last year, is expected to remain stable or at least show a reduced rate of increase. Now that the recession is technically at an end, can we assume the worst is over? Probably not. Insolvency time lag A report from business recovery firm Begbies Traynor revealed that the number of businesses experiencing significant financial problems had jumped by 20,074, or 14%, to 161,601 in the first three months of this year. It is also thought that there are one million individuals who have not yet faced up to their debts, or are struggling with payments helped by benign interest rates. And it is estimated that there are a further 500,000 people who are...