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Number of businesses going under continues to rise

It has been revealed that there has been significant rise in corporate insolvencies in the last quarter of 2008 as the UK recession continues to bite. In total there were 2,428 corporate insolvencies in the final quarter of 2008 which was a rise of 220% on the same period in 2007. However, this was not the end of the bad news with regards to bankruptcies and financial problems.

During the same period there were 29,444 personal bankruptcies or individual voluntary arrangements (IVA) which again was a significant rise of 19% compared to the same period in 2007. Of the total above, 19,100 were bankruptcies and 10,344 were IVAs which many people expect to rise in the weeks and months to come.

While the insolvency experts have always predicted there would be something of a time lag between the UK recession hitting home and the increase in bankruptcies and IVAs the figures released today have shocked many people. Also of great concern is the fact that the figures do not appear to have peaked and that there could be much worse to follow. This report from the Insolvency Service is sure to focus the minds of the UK government on ensuring the UK economy does not fall much further.

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