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Number of insolvencies rises

The number of insolvencies in England and Wales rose during the third quarter of the year, according to government figures.Individual insolvencies increased by 8.8 per cent during the period, to reach 27,087, while business insolvencies numbered 4,001, an increase of 10.5 per cent over the quarter and 26.3 per cent compared with figures from a year ago.In terms of receiverships, administrations and company voluntary arrangements, the third quarter saw an increase of almost two thirds (64.7 per cent) compared with 2007."The increase over the year is fairly evenly spread among the different types of procedure," Catherine Matthews, a partner at the insolvency firm Tomlinsons, told the BBC. "But there is a definite trend towards procedures instigated by directors as they try to deal with their problems themselves."The Bank of England attempted to help the economy by introducing a large cut in interest rates last week.At three per cent, rates are at their lowest value in more than 50 years.

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