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Insolvencies figures up slightly Insolvencies figures up slightly
(10 minutes later)
The number of people declared insolvent in England and Wales was up slightly in the first three months of 2008, the Insolvency Service has said.The number of people declared insolvent in England and Wales was up slightly in the first three months of 2008, the Insolvency Service has said.
The number of individual insolvencies stood at 25,264, up by 1.7% compared with the previous three months.The number of individual insolvencies stood at 25,264, up by 1.7% compared with the previous three months.
But it was still 13.2% fewer than over the same period a year ago.But it was still 13.2% fewer than over the same period a year ago.
Company liquidations were up 2% on the previous three months and rose by 4% compared with the same period a year ago to 3,210.Company liquidations were up 2% on the previous three months and rose by 4% compared with the same period a year ago to 3,210.
Slight shift
The figures for individuals showed the first rise in more than a year but were in line with analysts' predictions.
Of the 25,264 individual insolvencies, there were 15,651 bankruptcies. This is the traditional way of escaping debts.
This showed a 0.1% rise on the previous three months, but was down 6.8% on the same quarter in 2007.
The number of individual voluntary arrangements (IVAs) was up 4.3% on the previous three months, to 9,614.
But this form of insolvency - when a deal is struck with creditors and there is supposedly less stigma - has fallen in popularity compared with a year ago. The number was down 22% on the same three months last year.
Corporate change
Analysts had predicted that corporate liquidation levels would rise significantly owing to the effects of the credit crunch.
Earlier in the week accountants PricewaterhouseCoopers suggested that insolvencies among companies had shot up, increasing 21% in the first quarter of 2008 compared with the previous three months.
But the Insolvency Service figures painted a much more positive picture for companies.
The 1,085 companies going into compulsory liquidation was down 6.6% on the previous quarter and a 22% fall on the same period in 2007.
The remaining 2,125 were creditors' voluntary liquidations, which showed an increase of 7.1% on the previous three months and a rise of 25.4% on the first quarter of 2007.