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08/04/2009
Insolvencies 'set for 40% rise' |
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The number of firms becoming insolvent in the UK will rise by 40 per cent this year, it has been stated.
Accountancy firm KPMG has predicted the increase following the introduction of debt relief orders (DROs), which make the process of an insolvency declaration five times less expensive than a declaration of bankruptcy, at £90.
People taking DROs will make up a third of the 150,000 insolvency cases KPMG anticipates will occur this year.
Those facing a serious financial situation where they may need to consider insolvency could benefit from taking legal advice about their options to work out what may be best for them.
Commenting on the introduction of the DROs, James Martin, a partner at the Birmingham office of insolvency firm Begbies Traynor, told the Birmingham Post: "A DRO is not an easy way out of debt and it has the same financial restrictions as bankruptcy. This needs to be understood."
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