Call our team +44 (0) 207 566 3939

Blog

Personal bankruptcy in steepest increase for five years.

Personal bankruptcy in steepest increase for five years.

by | Jul 29, 2014 | Blog, Business News, Economy, Uncategorized | 0 comments

Personal bankruptcy in large increase

It is reported that personal insolvency has increased massively over the last five years.

The latest figures from the government show that 27,029 people have become insolvent between April and June. This is a large increase, 5.1% when compared to the same period in 2013.
Insolvency figures in Scotland has actually fallen to it lowest figure since 2005.

The figure is said to be increased due to the large number of IVA`s (individual voluntary arrangements). IVA`s were created in 1987 to help people avoid being declared bankrupt. The number of people taking out IVA`s rose to 14,571 in the last quarter.

The actual number of people declaring themselves bankrupt (insolvent) has increased for the first time since 2010, 0.2% of the adult population has declared themselves bankrupt.
The number of bankruptcies hit an all-time high in 2009 with over 35,000 and has been on a gradual decline since 2009.

This is stark contrast to business insolvency which has been on a continual downwards path. Companies going into administration have fallen by over 35%, which is the lowest figure for over 9 years.

If you would like professional advice on Company Formation, administration or any of the supplementary services Your Virtual Office London provides, please do get in contact.

We provide registered office address services in London for Limited companies which can help make your business appear more professional, helping you to increase your profits.

If you found this blog interesting you can read more on our business blog here.

Blog Categories

Contact Details

Tel: 0207 566 3939

Fax: 0207 566 39352

Sales: office@capital-office.co.uk

Support: support@capital-office.co.uk

Our Location

Capital Office
Kemp House
152-160 City Road
London, EC1V 2NX

Opening Hours

Monday - Friday: 9.00AM – 5.00PM
Saturday: Closed
Sunday: Closed

All You Need to Know About Limited Company Shares

All You Need to Know About Limited Company Shares If you’re set to launch a company limited by shares, it’s important for you to understand all there is to know about these limited company shares and what they mean for your business. Before you begin working via your...

Appointing and Removing Company Directors 101

Appointing and Removing Company Directors 101 There may be a number of reasons you’ll want to remove your existing company director and/or appoint a new individual to the role. Whether you’re planning a major reshuffle at the top for the sake of changing course of...

Where Do I Send My Stock Transfer Form?

Where Do I Send My Stock Transfer Form? Congratulations! You’re either a newly formed business, or you’ve been running your brand from a reputable business address for some time. But with the plaudits comes the pressure; not least the overwhelming number of...

7 Important Roles of a Company Director

7 Important Roles of a Company Director You may be the proud owner of a new business, functioning from a credible business address, and envisioning a bright future ahead. But if you’re unsure about exactly what a company director’s role entails, then you may find...

How to Transfer Company Shares

How to Transfer Company Shares If you’re the proud owner of a business, functioning from a reputable business address, you may soon find yourself making important decisions with shareholders regarding the transfer of company shares.  Shares Defined Before we...

Memorandum and Articles of Association 101

Once you’ve obtained a registered office address, your business will be running in earnest along with the presence of a pile-up of paperwork. You can avoid becoming overwhelmed by the inevitable if you familiarise yourself with vital business terms and documents;...

In a hurry and just want some advice?