U K Insolvency Rates Soar As Crisis Economy Beckons

[Realistbear]

http://uk.finance.yahoo.com/news/number-of-people-being-declared-insolvent-rises-on-credit-crisis-anniversary-tele-524493ffbfa7.html?x=0

Number of people being declared insolvent rises on credit crisis anniversary

Myra Butterworth, 15:09, Friday 6 August 2010

The number of people declared insolvent has risen as the credit crisis marks its third anniversary.

A total of 34,743 people were declared insolvent during the three months to the end of June, 5 per cent more than during the same period a year earlier, according to the Insolvency Service.

The figures are lowered than the previous quarter, but

experts suggested worse is to come

as public spending cuts come into effect.

We have not seen anything yet. Jobs will start being lost very soon anf THEN the action really begins.

House prices are, like totally, toast man.

[Traktion]

Soar? I almost ignored this, thinking it was a Daily Express article!

[Realistbear]

Soar? I almost ignored this, thinking it was a Daily Express article!

5% is a sizeable increase. And its going to get woise.

[interestrateripoff]

http://uk.reuters.com/article/idUKTRE6751D820100806

The number of companies in England and Wales forced into liquidation fell by a fifth in the second quarter of 2010 compared to the same period a year ago and personal insolvencies may have peaked, data showed on Friday.

The Insolvency Service said 4,080 companies were liquidated between April and June, a shade higher than the first quarter but down 19.1 percent on a year earlier.

Personal insolvencies edged down from record highs hit in the first quarter to 34,743, but were still 5.0 percent higher than a year ago after consistent rises in recent years.

Different spin from Reuters.

[ralphmalph]

Selective use of the press release again.

Q2 2010 figures dropped from Q1 2010 so your experts could also say that insolvencies have peaked as well.

Also were there not loads of predictions from an insolvency practive stated repeatedly that there was going to be mass insolvencies on the high street in 2010. They seem to have gone strangely quiet as well.

[Mega]

The Phoney war is over the Battle of Britan (debt) is about to begin!

Mike

[Laura]

This indicator points to events of 2007/2008 & thus can be ignored as we all know that the locked-in recovery is just around the corner.

Keep repeating it - by order.

[Realistbear]

A phrase I have not heard recently is:

"Green shoots."

[@contradevian]

Strange. Just been told by Peston that the banks are doing well as fewer are going bust. And as we all know the BBC is never wrong or would never try and mislead us. Would they?

[winkie]

A phrase I have not heard recently is:

"Green shoots."

I thought bad debts down, profits up....what do you believe, green shoots?

[Realistbear]

http://www.bloomberg.com/news/2010-08-05/u-k-bankruptcies-to-rise-as-government-reduces-spending-accountants-say.html

Aug. 4 (Bloomberg) -- Bloomberg's Elliot Gotkine reports on business loans in the U.K. as Prime Minister David Cameron meets with Bank of England Governor Mervyn King to discuss how Britain’s banks can be encouraged to lend more to small and medium-sized firms. (Source: Bloomberg)

U.K. government budget cuts will push more companies into bankruptcy in the second half of this year as departments from education to transport delay or cancel contracts, insolvency practitioners are predicting.

Industry trade body R3 said its members were forecasting

corporate insolvencies will rise as much as 20 percent in the second half

, compared with the first six months, when there were fewer than anticipated.

[SarahBell]

Even bankrupcty isn't what it was. I know someone who's done about 6 months and been declared discharged.

[Giordano Bruno]

http://uk.finance.yahoo.com/news/number-of-people-being-declared-insolvent-rises-on-credit-crisis-anniversary-tele-524493ffbfa7.html?x=0

Number of people being declared insolvent rises on credit crisis anniversary

Myra Butterworth, 15:09, Friday 6 August 2010

The number of people declared insolvent has risen as the credit crisis marks its third anniversary.

A total of 34,743 people were declared insolvent during the three months to the end of June, 5 per cent more than during the same period a year earlier, according to the Insolvency Service.

The figures are lowered than the previous quarter, but

experts suggested worse is to come

as public spending cuts come into effect.

We have not seen anything yet. Jobs will start being lost very soon anf THEN the action really begins.

House prices are, like totally, toast man.

6 August 2010 Last updated at 10:41

'Personal insolvencies drop 3% in England and Wales'

http://www.bbc.co.uk/news/business-10890955