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Bankruptcies

Personal bankruptcies jump in Britain

Sat, 11/07/2009 - 10:17 by Rakhi Kaptiyal

London -- Individual bankruptcies in Britain rose in the third quarter, while business bankruptcies declined, a government agency said Friday.

The Insolvency Service said personal insolvencies rose to a 49-year high, rising 28 percent compared to the same quarter a year ago. It is a record with an asterisk, however, as the run-up was partially due to a rise in debt relief orders, a low-cost bankruptcy plan that became available earlier this year, The Times of London reported.

Debt relief orders more than doubled from the second quarter to the third with 4,505 filed in the quarter just ended.

Bankruptcies skyrocket in Britain

Sat, 02/07/2009 - 07:57 by Rakhi Kaptiyal

London -- Companies entering into administration in Britain rose 124 percent in the fourth quarter of 2008, the Insolvency Service said.

The service said 2,018 companies entered into administration during the quarter, up from 575 in the fourth quarter of 2007, The Times of London reported Friday. The number includes one company that managed 729 service businesses, putting a more realistic figure of collapsed companies at 1,289.

Although there are technical differences, entering administration is the equivalent of filing for bankruptcy in the United States.

"These numbers are bad, but they are going to get progressively worse as business and consumer confidence continues to fall," said Malcolm Shierson, at Grant Thornton, a reorganization company.