views

Personal insolvency levels to break records in 2009

PERSONAL insolvencies will jump to the highest figure on record today, according to new figures from insolvency specialist Tenon Recovery. <br /><br />On average there have been 300 personal insolvencies every day in 2009 &ndash; with an estimated 107,014 personal insolvencies so far this year.<br /><br />Tenon Recovery&rsquo;s national head of bankruptcy Mark Sands is predicting that the UK will see more than 130,000 insolvencies during 2009. He says that the next official quarterly statistics, which will be released on 6 November, will show personal insolvencies jumping to more than 35,000 a day. The current record number of UK personal insolvencies in a single year stands at 107,288.&nbsp; <br /><br />Sands said: &ldquo;Even with interest rates close to zero, the effects of the downturn combined with the massive build up of consumer debt in the good years have created a perfect storm that is sweeping more people into personal insolvency.&rdquo;