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)
Please complete the required fields.



11 thoughts on “Bankruptcy Data Since 1960

  • 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

    Reply
    Please complete the required fields.



  • 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.

    Reply
    Please complete the required fields.



  • Heres an interesting statistic: During Labour’s reign insolvencies inflate at roughly the same rate as house prices.

    Reply
    Please complete the required fields.



  • 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.

    Reply
    Please complete the required fields.



  • 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.

    Reply
    Please complete the required fields.



  • 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”

    Reply
    Please complete the required fields.



  • 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.

    Reply
    Please complete the required fields.



  • @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.

    Reply
    Please complete the required fields.



  • 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.
    “””

    Reply
    Please complete the required fields.



  • 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?

    Reply
    Please complete the required fields.



  • 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.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>