 |
| LATEST LATEST LEGAL NEWS ARCHIVE |
LATEST NEWS & EVENTS UK 'standing on brink of insolvency crisis'  The UK is at risk of a possible personal insolvency crisis, it has been claimed. According to Steven Law, president of R3, there are nearly a million people struggling with their debt at present. A ComRes survey commissioned by the organisation revealed that around 146,948 Britons are set to be made insolvent in England and Wales this year. This is a rise of ten per cent compared with last year. Mr Law remarked: "We stand on the brink of a personal insolvency crisis that will take years to work through the system." He added that while there is a possibility these issues may be resolved without help, there is also a risk they could "snowball out of control". Recently, R3 suggested that young people are more inclined than their older counterparts to leave their bills unopened and avoid their creditors, meaning they may be at a greater risk of entering into insolvency. Rick Munro, head of corporate recovery and insolvency at Lamport Bassitt, said: "The best advice I can give to people with debt problems is to seek advice early. "The earlier the problem is addressed the more options are available and the more sympathetic creditors tend to be." Posted by Isobel Whitely 
Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News |
|||
| © 2012 Lamport Bassitt | DEFAULT ZOOM | DISABILITY INFORMATION | LEGAL INFORMATION |