- Wednesday, 6 May 2009The number of people seeking
IVA solutions could rise beyond its current record-breaking level, it is claimed.
Following the publication of figures by the Insolvency Service, the Independent notes that a record high number of IVAs were arranged in the first quarter of 2009.
However, an accountant tells the publication that IVA conditions could yet worsen in the coming months.
Geoff Carton-Kelly, partner at Baker Tilly, admits that landlords, banks and HM Revenue & Customs have all appeared willing to work with debtors to manage through the financial crisis recently.
But he adds: "It could well mean that insolvencies will rise again as problems being deferred will come to rear their ugly heads later."
The Independent notes that the average amount for which
IVA solutions were sought stood at £50,020 in the latest quarterly report.
Stephen Speed, chief executive of the Insolvency Service, commented on the publication of the figures that insolvency enables individuals to make a "fresh start" on their finances.
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