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06/11/2009
Insolvency levels 'to rise again' |
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Insolvency figures in the UK are expected to hit record high levels when statistics are released later today.
Tenon Recovery told the Press Association it expects the figure to hit 35,000 for the third quarter, topping the 33,000 seen in the three months to June.
Head of insolvency at accountants Baker Tilly Alec Pillmoor anticipated a greater increase, being quoted by the Guardian as saying the number of people voluntarily declaring themselves insolvent will have risen by 4,000.
Another predicting a high figure is Louise Brittain from Deloitte, who said the number will be at least 30,000 and the annual total for 2009 will hit 130,000.
Those facing financial difficulties, either with their personal or business finance, may wish to speak to an insolvency lawyer to help decide how to proceed.
Some people will declare insolvency by using a debt relief order instead of becoming bankrupt.
The Insolvency Service notes this is only available to someone whose total debts are less than 15,000.
Written by Anna Norton
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