Posts Tagged ‘IVA’

Fall in Insolvency Rates in England and Wales

Wednesday, June 13th, 2012

Insolvency rates across England and Wales fell in 2011 after peaking at record levels in 2009.

Figures show that the amount of insolvencies per 10,000 adults in England and Wales fell to 27.1 in 2011 having risen from 7.2 in 2000 to a peak of 31.1 in 2009. These figures include bankruptcy orders, DROs and individual voluntary arrangements (IVAs.)

The North East has the highest rate of individual insolvencies with 35.2 per 10,000 adults. This was followed by the south-west and the east Midlands which both stood at 30.4 per 10,000 adults. The rate in London in 2011 was 17.5.

The Wansbeck area of Northumberland has officially been named the bankruptcy capital of England, in a list that also features parts of Cornwall and the seaside town of Eastbourne, considered well-heeled by many. Individual insolvency rate in Wansbeck is 57 per 10,000 adults.

Meanwhile, the City of London, which includes the flat-dwellers of the Barbican, tops the list of areas with fewest bankruptcies, closely followed by St Albans in Hertfordshire and affluent London boroughs such as Richmond upon Thames and Camden.

Latest regional statistics show the individual insolvency rate in Wansbeck, which includes the former mining towns of Ashington and Bedlington, is running at 57 per 10,000 adults, while in the City of London and St Albans the rates are four and 11 respectively.

For full article see Federal Management