Press Release Summary = The Department for Constitutional Affairs (DCA) has revealed that there has been a sharp rise in number of bankruptcy this year. About 15,796 bankruptcy petitions were issued by the courts between April and June. Interestingly, the number of debtors filing for bankruptcy outnumbered the petitions by the creditors.
Press Release Body = The Department for Constitutional Affairs (DCA) has revealed that there has been a sharp rise in number of bankruptcy this year. About 15,796 bankruptcy petitions were issued by the courts between April and June. Interestingly, the number of debtors filing for bankruptcy outnumbered the petitions by the creditors.
London (www.apply-4-personal-loans.co.uk) August 12, 2006: According to figures by the Department for Constitutional Affairs, there has been an increase in the number of bankruptcy petitions this year. A significant 10% increase has been observed with around 15,796 people involved in bankruptcy petitions between April and June.
Interestingly, people willingly applied for bankruptcy between April and June. This was figured by the fact that while the number of creditor petitions fell, a 20% escalation was observed in debtor petitions.
However, as compared to previous three-month period, the number of people willingly applying for bankruptcy dropped in the second quarter this year. Between April and June, around 11,147 people petitioned for bankruptcy to the courts as against 13,897 during the previous quarter.
A similar trend was observed during the second quarter this year in case of insolvency as well, with a significant 66% increase as compared to last year. According to the last week's figures by government\'s Insolvency Service, during this period in England and Wales, around 26,000 people became insolvent.
There are predictions that insolvency may rise further during this year, with more than 100,000 people falling into it. The criteria for insolvency include bankruptcy as well as Individual Voluntary Arrangements.
For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact the webmaster or visit www.apply-4-personal-loans.co.uk
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