Tuesday, March 9, 2010
Bankruptcy Data Since 1960
Bankruptcies and insolvencies since 1960
The number of people entering into insolvency in England and Wales rose to a record total of 134,142 last year, official figures from the Insolvency Service showed today, and experts say the figure is likely to rise further in 2010. From the data, since about 2004, the numbers of bankruptcies have shot up.
Posted by cat and canary @ 12:50 PM (2083 views)
11 thoughts on “Bankruptcy Data Since 1960”
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cat and canary says:
1980 4,038
1981 5,151
1982 5,700
1983 7,032
1984 8,229
1985 6,776
1986 7,155
1987 7,427
1988 8,507
1989 9,365
1990 13,987
1991 25,640
1992 36,794
1993 36,703
1994 30,739
1995 26,319
1996 26,271
1997 24,441
1998 24,549
1999 28,806
2000 29,528
2001 29,775
2002 30,587
2003 35,604
2004 46,650
2005 67,584
2006 107,288
2007 106,645
2008 106,544
2009 134,142
str 2007 says:
That’s quite an interesting set of number.
You can see them step up in the 90’s recession, but barely fall at the end of it ’95-’97, only to start increasing all the way to today.
They’ve obviously changed the rules about defaulting on your debts in the last couple of years (can’t remember when probably ’05 looking at the numbers). so naturally, now it’s nothing to be ashamed of and no real burden, the numebrs have gone higher.
Neil B says:
Heres an interesting statistic: During Labour’s reign insolvencies inflate at roughly the same rate as house prices.
jack c says:
It’s effectively being encouraged – only this week I had someome say to me “if you cant get me a re-mortgage can u get me one of those IVA thingies” – the guy has no real concern over the unsecured debts (Cr cards @ £25k) and with a wife and 2 children he will have little problem in achieving a write down/off.
str 2007 says:
Hi Jack
Yes, it appears no lessons are being learnt. Actually that’s wrong. Lessons are being learnt by the profligate. And that is, someone else will pick up the tab.
estrader says:
No doubt economists will have a new term – “A Bankruptcy led recovery”
“Good news, there were fewer bankrupcies than analysts had forecast which means the recovery is taking hold”
timmy t says:
Interesting that during the prolonged boom before the current crash the numbers went up faster than ever. Could well be down to the rules changing as str points out, or could illustrate that the boom wasn’t actually a boom, it was a big wealth transfer.
Jack C how do you live without punching these people? As tax payers, its us that will be writing the bailout cheques.
jack c says:
@str 2007 – yep we are picking up the tab – all very frustrating
@timmy t – “how do you live without punching these people?” – it’s extremely frustrating and down to irresponsible lenders and borrowers – surprise surprise the mortgage was a Northern Rock ‘together mortgage’ and has been hived off into the so called bad part of the Bank. I’ve told the guy to forget debt relief orders/IVA’s and bankruptcy and organise his finances so that he repays what he’s borrowed – no doubt he’ll be off to see someone else who will take him down the path of least resistance and get him an IVA.
Ultimately the sh*t is going to hit the fan with all of this as it cant go on forever.
51ck-6-51x says:
Jack, said “…can u get me one of those IVA thingies”
– I hope you tell them that the first step is to try to make informal arrangements with their creditors
So there will be less people who are able to take out debt in the future now, surely? Or maybe not!… maybe this is the change in question:
“””
From April 2004, under the Enterprise Act, there are new rules on how to get an IVA after you are made bankrupt. You can apply for a Fast Track IVA by putting a proposal to the official receiver even after you are bankrupt.
The official receiver may agree to act as supervisor of the IVA if they feel it will produce a better deal for your creditors than they would receive through bankruptcy.
* There are set fees for this process so costs are reduced.
* There is no formal creditors’ meeting.
* The proposal is sent by post and creditors can either take it or leave it.
* The IVA proposal cannot be modified.
* If the IVA is agreed, the official receiver will annul your bankruptcy order.
* If your IVA fails the creditors could make you bankrupt again but the official receiver will not take any further action.
“””
51ck-6-51x says:
Jack – Surely if the creditor is willing to accept IVA terms they would also be willing to come to a informal arrangement also approaching a 20% recovery – or does the creditor get something else out of an IVA other than having a paid up brokered agreement?
jack c says:
51ck-6-51x – from my post at 8 – “I’ve told the guy to forget debt relief orders/IVA’s and bankruptcy and organise his finances so that he repays what he’s borrowed” in this particular case I think he can fully meet his commitments but doesnt want to cut his cloth accordingly !which to a certain extent I can understand ie why bother when everyone else is up to their neck in it and seeks to have it written off.
If it is (IMO) a genuine case then I simply refer it to an organisation such as · National Debt Helpline, Credit Action or CAP (Christians Against Poverty) seems a better bet than going to an insovency practioner who charges a small fortune for an IVA.