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Deloitte comments on personal insolvencies in Q409 |
Commenting on today’s personal insolvency statistics, Louise Brittain, partner in Deloitte’s Contentious Insolvency Group, said: “Today’s figures buck the trend of what is traditionally expected for the last quarter of the year. The final quarter of 2009 saw 35,574 petitions for personal insolvency, up 25% on the same quarter a year ago, and up marginally on Q309 from 35,242.
“This is unexpected, as traditionally people tend to hold off addressing financial issues during the festive season, rather saving them for the New Year. It is surprising to see the dramatic rise in the number of Individual Voluntary Arrangements – up 26%. This is a result of increased creditor pressure which is unlikely to let up any time soon, and highlights the desperate financial difficulties facing individuals.
“I fully expect 2010 to break all personal insolvency records, with the annual figure reaching as high as 145,000 petitions. With increasing financial pressures combined with rising unemployment levels, the number of creditors pursuing debts will undoubtedly rise out of necessity; and as debt relief orders becoming more widespread, it is inevitable that we will see a consequent rise in the number of people filing for bankruptcy. The figure has yet to peak, and unfortunately 2010 will only see current figures rise.
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