Today has seen the surprise news that individual insolvency has decreased in the last quarter. The total number of individual insolvencies in England and Wales was down by 2% to 24,553. It was also 8.3% below the figure at the same time in 2007.
It may be that less people are wanting to get into debt due to the credit crunch and banks are also less keen to offer credit as they are unsure of what the economy will pan out like.
However, company liquidations were up by 11.6% on the previous quarter to 3,560.
‘Surprised’
The results came as a surprise to analysts as they believed that there would be a slight rise in the figures.
However, it is still expected that the number of individual insolvencies will increase over the next 12 months.
Provisional figures for Scotland are a lot more gloomy showing that individual insolvencies could rise to 4,735 in the second quarter of 2008. This is a 45% rise on the previous three months and 36% up on the same period a year ago.
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