Insolvency Solicitors Ipswich – Latest Corporate and Personal Insolvency Figures

“Latest Corporate and Personal Insolvency Figures:  Statistics released on 3 May 2013 by the Insolvency Service show a continuing decline during Q1 of 2013 in the numbers of corporate and personal insolvencies in England and Wales.  Insolvent liquidations (compulsory and voluntary) fell by 15.8% as against Q1 of 2012.  Bankruptcy Orders for Q1 2013 fell by 27% as against Q1 for 2012 continuing the steady decline in individual insolvencies.  Whilst this appears at first glance positive for UK plc it is feared by some commentators that the figures simply mask the underlying financial problems faced by struggling companies.  Many such companies are merely servicing interest payments and literally staying afloat with the result that employment has not yet felt the full force of the downturn and personal finances are not yet impacted as severely as would otherwise be the case.  There is concern amongst commentators as to where that will leave those businesses and individuals when interest rates eventually start to rise, asset values begin to recover and creditors begin to take more aggressive action………”

John Bradshaw is an Insolvency & Business Recovery solicitor at Barker Gotelee, solicitors in Ipswich

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