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Aug 21, 2006
According to the
Department for Constitutional Affairs (DCA), there has been a notable increase
in the number of bankruptcy filings this year.
The DCA says filings
jumped by 10 percent, with about 15,796 bankruptcy petitions issued by the
courts between the months April and June. Interestingly, the number of debtors
filing for bankruptcy rose by 20%, easily outnumbering the number of petitions
by the creditors. However, DCA says the number of people willingly applying for
bankruptcy dropped in the second quarter this year as compared to previous
three-month period. Between April and June, around 11,147 petitioners filed for
bankruptcy compared to 13,897 filings during the previous quarter.
With regards to insolvency
filings, a similar trend was observed by the government agency Insolvency
Service during the second quarter of this year. It was found that around 26,000
people in England and Wales
became insolvent during this period, a 66% increase compared to last year.
Insolvency is projected to rise further during this year, with more than
100,000 people falling into it.
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