• From The BBC:

    The number of people being declared insolvent has hit a new record in England and Wales.There were 33,073 personal insolvencies in the second quarter of 2009, said the government’s Insolvency Service. That was a 9% rise on the first three months of the year, and 27% more than in the same period last year. The number of companies going bust in England and Wales continued to fall, down by 14% on the previous quarter but still 23% higher than a year ago. “Overall [personal insolvency] levels will continue to increase throughout 2009, with a record level of 140,000 or more expected by the end of the year,” predicted Mark Sands of the insolvency experts Tenon Recovery. New procedureIn April, a new form of personal insolvency was introduced, called a Debt Relief Order (DRO).
    Counted for the first time, there were 1,978 DROs in April, May and June. The DRO is a new and cheaper form of insolvency procedure aimed at helping people wipe the slate clean if they have debts of less than £15,…

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    Posted by Jon @ 3:50 pm

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