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You can find the current article at its original source at https://www.theguardian.com/money/2019/jul/17/insolvencies-grow-in-england-and-wales-for-third-year-running
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| Personal insolvencies grow third year in a row in England and Wales | |
| (32 minutes later) | |
| The number of people becoming financially insolvent in England and Wales has risen for a third year in a row, with women, and people living in coastal towns most likely to be affected. | |
| In its annual report, the Insolvency Service highlighted a growing gender gap as it said the overall insolvency rate in 2018 hit 25 per 10,000 adults – an increase of 3.6 per 10,000 on the previous year. | In its annual report, the Insolvency Service highlighted a growing gender gap as it said the overall insolvency rate in 2018 hit 25 per 10,000 adults – an increase of 3.6 per 10,000 on the previous year. |
| The official data also revealed a marked regional split, with the highest number of insolvencies in the north-east and the lowest in London. | The official data also revealed a marked regional split, with the highest number of insolvencies in the north-east and the lowest in London. |
| Six of the top 10 insolvency black spots were on the coast – Scarborough, Torbay, Plymouth, Blackpool, Hull and Stockton-on-Tees – while the lowest 10 places were all in London and the south-east. As in 2017, Stoke-on-Trent had the highest insolvency rate at 51.9 per 10,000 adults – more than double the national average. | Six of the top 10 insolvency black spots were on the coast – Scarborough, Torbay, Plymouth, Blackpool, Hull and Stockton-on-Tees – while the lowest 10 places were all in London and the south-east. As in 2017, Stoke-on-Trent had the highest insolvency rate at 51.9 per 10,000 adults – more than double the national average. |
| Historically, men have tended to have a higher insolvency rate than women but that has changed in recent years, in part due to the introduction of debt relief orders (DROs) which people can enter if they have less than £1,000 of assets and £20,000 of debts. | Historically, men have tended to have a higher insolvency rate than women but that has changed in recent years, in part due to the introduction of debt relief orders (DROs) which people can enter if they have less than £1,000 of assets and £20,000 of debts. |
| The Insolvency Service said the rate for women was 26.6 per 10,000 adults against 23.3 for men. The gender gap widened from 1.8 to 3.2. | The Insolvency Service said the rate for women was 26.6 per 10,000 adults against 23.3 for men. The gender gap widened from 1.8 to 3.2. |
| Mark Sands of the insolvency and restructuring trade body R3 said: “The gender split in insolvency is a sober reminder that women are more likely to be economically disadvantaged than men; they are more likely to work part-time, or in generally lower paid sectors. | Mark Sands of the insolvency and restructuring trade body R3 said: “The gender split in insolvency is a sober reminder that women are more likely to be economically disadvantaged than men; they are more likely to work part-time, or in generally lower paid sectors. |
| “Women are also more prone to becoming insolvent following the breakdown of a relationship than men, as the Insolvency Service found several years ago when it looked into the reasons why people became bankrupt. Being a single parent also correlates strongly with financial hardship, and women make up the great majority of single parents. | “Women are also more prone to becoming insolvent following the breakdown of a relationship than men, as the Insolvency Service found several years ago when it looked into the reasons why people became bankrupt. Being a single parent also correlates strongly with financial hardship, and women make up the great majority of single parents. |
| “The introduction of DROs is a major reason why women reversed the gender gap in insolvencies. DROs are more common than bankruptcies – albeit far less well-known – and the gender split of people entering DROs is heavily weighted towards women. This links back to the generally more precarious state of women’s finances, as [DROs] are used for smaller debt and asset levels than other personal insolvency procedures.” | “The introduction of DROs is a major reason why women reversed the gender gap in insolvencies. DROs are more common than bankruptcies – albeit far less well-known – and the gender split of people entering DROs is heavily weighted towards women. This links back to the generally more precarious state of women’s finances, as [DROs] are used for smaller debt and asset levels than other personal insolvency procedures.” |
| The 10 places with the highest insolvency rates in England and Wales in 2018, per 10,000 adults | The 10 places with the highest insolvency rates in England and Wales in 2018, per 10,000 adults |
| • Stoke-on-Trent 51.9 | • Stoke-on-Trent 51.9 |
| • Scarborough 47.8 | • Scarborough 47.8 |
| • Torbay 45.7 | • Torbay 45.7 |
| • Plymouth 45.2 | • Plymouth 45.2 |
| • Kingston upon Hull 44.9 | • Kingston upon Hull 44.9 |
| • Blackpool 43.8 | • Blackpool 43.8 |
| • Corby 42.1 | • Corby 42.1 |
| • Burnley 40.4 | • Burnley 40.4 |
| • Barnsley 39.9 | • Barnsley 39.9 |
| • Stockton-on-Tees 39.8 | • Stockton-on-Tees 39.8 |
| The 10 places with the lowest insolvency rates in England and Wales in 2018, per 10,000 adults | The 10 places with the lowest insolvency rates in England and Wales in 2018, per 10,000 adults |
| • Kensington and Chelsea 9.9 | • Kensington and Chelsea 9.9 |
| • Mole Valley 9.9 | • Mole Valley 9.9 |
| • Camden 10.0 | • Camden 10.0 |
| • Westminster 10.2 | • Westminster 10.2 |
| • Wandsworth 10.5 | • Wandsworth 10.5 |
| • Harrow 11.3 | • Harrow 11.3 |
| • Richmond upon Thames, 11.6 | • Richmond upon Thames, 11.6 |
| • Epsom and Ewell 11.7 | • Epsom and Ewell 11.7 |
| • Brent 12.2 | • Brent 12.2 |
| • St Albans 12.4 | • St Albans 12.4 |
| Source: Insolvency Service | Source: Insolvency Service |
| Bankruptcy and IVAs | Bankruptcy and IVAs |
| Retail industry | Retail industry |
| Wales | Wales |
| news | news |
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