Insolvencyis down

PERSONAL insolvencies may have fallen, but it is too early to celebrate, according to Daren Bekisz, from Grant Thornton's Sheffield office.
By The Newsroom
Published 14th Aug 2007, 10:37 BST

Mr Bekisz, client service director in the accountants and business advisers’ recovery and reorganisation department, says the peak in personal insolvencies could be some way off.

“The existing mountain of debt still stands, consumer spending remains unabated and there is a strong likelihood of more interest rate rises, not to mention previous ones still having to filter through the system,” says Mr Bekisz.

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The number of UK personal insolvencies has dropped by 8.1 per cent on the previous quarter with 26,956 individuals entering into bankruptcy or an Individual Voluntary Arrangement to repay creditors in the second quarter.

Related topics:SheffieldGrant Thornton