- Monday, 9 November 2009The increasing number of people being declared insolvent in Britain has been described as "unbelievably frightening" by one expert.
Third quarter figures were up by 28 per cent year-on-year, taking this years total to nearly 100,000, according to the Insolvency Service.
Such levels could result in a larger number of people adopting an
individual voluntary agreement (IVA) in order avoid insolvency or bankruptcy.
Nick O'Reilly, director at Vantis business recovery, expressed great concern at the possibility of further increases in the numbers of people being declared insolvent.
He commented: "We've moved from a position of 20,000 going bankrupt [in 1980] to [having] nearly 150,000 in one calendar year.
"That's quite unbelievably frightening and just goes to show the boom of credit that took place over the last six to ten years."
The quarterly figures released, which relate to England and Wales, include 18,347 bankruptcies. The years current total stands at 98,568.
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