Insolvencies hit record high

Published:  09 November, 2009

LONDON: The importance for merchants of credit checks is reinforced by figures showing the number of insolvencies increased by 28.2% over the past year as unemployment and credit problems mount.

The Insolvency Service figures for the three months to the end of September show 18,347 bankruptcies, 12,390 people entering individual voluntary arrangements with their creditors, and 4,505 people taking out the government's new debt relief orders.

The number of company insolvencies dropped by 4.7%, but at 4,716 it was still 14.6% higher than in the same period last year.

The Insolvency Service said that in the 12 months to the end of September around one in 114 companies had failed, while in the previous quarter than figure was one in 120.

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