Friday, May 1, 2009

Debt Relief Orders make interesting reading

Bankruptcies reach record levels

The number of people being declared bankrupt in England and Wales has hit a new record, according to the government's Insolvency Service. In the first three months of the year there were a record 19,062 bankruptcies and 10,713 individual voluntary arrangements (IVAs). The number of companies going bust in England and Wales fell back in the first three months of the year. However the figures were still 54% higher than a year ago.

Posted by jack c @ 11:46 AM (908 views)
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One thought on “Debt Relief Orders make interesting reading

  • Wow. Click through the link provided Going bust at breakneck speed.

    The court has heard 240 cases – an average of one every 90 seconds.

    By the end of the morning session, at 1.15pm the court has swiftly sealed the fate of 236 companies – a fact not missed by the solicitors on the sidelines.

    As they exit the court to grab a bite, one remarks that the Registrar was taking “no messing today. ‘Can we have 10 more days’. ‘No, next’.'”

    Nasty.

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