Lamport Bassitt Solicitors - Legal News - Bankruptcies 'on the rise in the UK'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Bankruptcies 'on the rise in the UK' The number of people declaring themselves bankrupt in the UK has risen, it has been revealed. According to figures produced by KPMG, there was a 22 per cent increase such action in the three months up to the end of June compared with the same period last year. In addition, a rise of 11 per cent was recorded in the number of people opting to take out an individual voluntary arrangement. These arrangements are designed to give consumers more say than they would have in bankruptcies in terms of how their assets are dealt with, meaning they may be able to persuade their creditors to allow them to retain certain things, such as their homes. Commenting on the figures, John Bangham, director of personal insolvency at KPMG, said: "We are now seeing personal insolvencies picking up steam as the myriad of consumers can no longer service their debt obligations." He added that with unemployment being so high, it is likely that the insolvency figures will increase further. Related Articles: 1/2/2012 - Insolvency body warns of greater SME distress 31/1/2012 - Govt makes u-turn on insolvency reforms 25/1/2012 - UK Q4 GDP shrinks as corporate insolvency rate creeps up 19/1/2012 - Corporate insolvency rates may rise 11/1/2012 - BRC warns over further retail insolvency problems More Insolvency & Restructuring News