Insolvencies have risen by 17% in the first three months of this year compared with the same period a year ago according to figures released by the Insolvency Service. There were 3,439 liquidations in England and Wales in the first quarter of 2006 on a seasonally adjusted basis; this was an increase of 7.6% on the previous quarter. This was made up of 1,428 compulsory liquidations, an increase of 11.0% on the previous quarter and an increase of 29.5% on the corresponding quarter of the previous year, and 2,011 creditors voluntary liquidations, an increase of 5.2% on the previous quarter and an increase of 9.5% on the corresponding quarter of the previous year. Only 0.7% of active companies went into liquidation in the 12 months ended quarter 2006, the same as the previous quarter and the same as the corresponding quarter of 2005. There were 23,351 individual insolvencies in England and Wales in the first quarter of 2006 on a seasonally adjusted basis. This was an increase of 12.9% on the previous quarter and an increase of 73.4% on the same period a year ago. This was made up of 15,389 bankruptcies, an increase of 12.5% on the previous quarter and an increase of 51.2% on the corresponding quarter of the previous year, and 7,961 individual voluntary arrangements (IVAs), an increase of 13.7% on the previous quarter and an increase of 141.9% on the corresponding quarter of the previous year.
Bankruptcy Finance, mortgages and loan solutions
Whilst bankruptcy is a serious situtaion and will impact on your credit profile it is still possible find an alternative or avoid bankruptcy. You should also know that there is still the possibilty of getting a bankruptcy mortgage although you really need to speak to an advisor to see if you eligible. Another popular question from our vistors is can I get a mortgage or loan after bankruptcy? This is certainly possible and just because you have been made bankrupt in the past it doesn"t mean you can"t get a mortgage or secured loan, however you will need your discharge certificate.
Statistics showing insolvencies in the second quarter 2006 are published 4 August 2006 by the Insolvency Service
COMPANY LIQUIDATIONS (CVA"s)
There were 3,265 liquidations in England and Wales in the second quarter of 2006 on a seasonally adjusted basis. This was a decrease of 4.9% on the previous quarter and a decrease of 3.3% on the same period a year ago. This was made up of 1,226 compulsory liquidations, a decrease of 13.7% on the previous quarter and a decrease of 7.4% on the corresponding quarter of the previous year, and 2,038 creditors voluntary liquidations, an increase of 1.4% on the previous quarter and a decrease of 0.6% on the corresponding quarter of the previous year. 0.7% of active companies went into liquidation in the twelve months ended Q2 2006, the same as the previous quarter and the same as the corresponding quarter of 2005.
INDIVIDUAL INSOLVENCIES (IVA"s)
There were 26,021 individual insolvencies in England and Wales in the second quarter of 2006 on a seasonally adjusted basis. This was an increase of 10.0% on the previous quarter and an increase of 66.3% on the same period a year ago. This was made up of 14,915 bankruptcies, a decrease of 3.3% on the previous quarter and an increase of 32.5% on the corresponding quarter of the previous year, and 11,105 Individual Voluntary Arrangements (IVA’s), an increase of 34.9% on the previous quarter and an increase of 153.2% on the corresponding quarter of the previous year.
