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Bankruptcies and company failures set to soar in the UK

It has been revealed that bankruptcy petitions in UK have increased by 7% in the third quarter of 2008 compared with the same period in 2007. It was reported by the Ministry of Justice that 13,653 bankruptcy petitions were passed to courts in England in the third quarter of 2008 alone. Over the same period it has also been confirmed that 3,184 companies received winding-up petitions which went to the High Court and county courts of England and Wales. This is a rise of 13% on the same period last year which is worrying.

However the most worrying aspect of these rises in bankruptcy petitions and winding up orders is the fact that we have by no means seen the worst of both the UK recession and the effect on the UK consumer. Many leading debt agencies are expecting bankruptcy to soar in the UK in 2008 and 2009 as many in the country give in to the inevitable need to reorganise their finances.

The other major problem is the fact that there is a time lag between the bottom of the UK economic cycle and the peek of the bankruptcy and winding-up cycle with the worst yet to come.

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