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| News » Company and Commercial Law » KPMG: Insolvencies to hit record highs next year |
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31/12/2008
KPMG: Insolvencies to hit record highs next year |
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Accountancy firm KPMG has predicted that in 2009, the number of people declared to be insolvent will reach record levels.
The effects of the economic downturn will hit British homeowners hard in 2009, the firm has estimated, with more than 150,000 individuals expected to file for insolvency next year.
This would result in the highest levels of bankruptcy in the UK since the Insolvency Service began keeping records almost 50 years ago.
Director of personal solvency at KPMG Mark Sands commented: "This high average level of debt clearly indicates that too many people have borrowings that they have no realistic hope of repaying."
He added that factors such as over-spending over the festive period "risks tipping even more consumers over the edge".
In similar news, researchers at St Andrews University studied figures dating back over the last 14 years and discovered a link between house price slumps, recession and divorce rates.
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