Menu
04/02/2005
Number of bankruptcies show sharp rise
The number of people going bankrupt has risen dramatically, according to the latest insolvencies statistics published by the Department of Trade and Industry (DTI).
Individual insolvencies in England and Wales rose to 13,013 in the fourth quarter of 2004 – an increase of 8% on the previous quarter and a rise of 34.6% on the same period in the previous year.
These figures included 9,803 bankruptcies – an increase of 6.3% on the previous quarter and a 28.9% rise on the corresponding quarter last year. Individual Voluntary Arrangements, an alternative to bankruptcy, which allows debtors to reach an agreement on repayments with their creditors, also rose to 3,210 – an increase of 13.3% on the previous quarter and 55.8% on the same period last year.
However, the figures showed that company liquidations fell slightly in the fourth quarter, to 2,938 in England and Wales – a slight decrease of 0.9% on the previous quarter and a decrease of 11.1% from the same period a year ago.
The figures revealed that compulsory liquidations fell slightly, while the number of voluntary liquidations rose.
Compulsory liquidations rose 0.8% on the previous quarter, to 1,136, an increase of 0.3% on the previous year, while 1,802 creditors chose voluntary liquidation – a decrease of 2% on the previous quarter and 17.1% on the previous year.
Receiverships were also down (by 24%) on the same period last year, while administrations rose (by 84%).
Desmond Flynn, Insolvency Service, Inspector General and Agency Chief Executive, said: "Receivership appointments have continued to fall with the figures for 2004 being the lowest ever. An increasing number of companies are choosing the administration process when they get into financial difficulty. This is reflected in the number of administrations in 2004, which, rose by 115 per cent over the corresponding year for 2003."
The Inspector General added: "As regards those who act in an unreasonable or reckless manner prior to their bankruptcy, The Service is already making use of the personal provisions to the Enterprise Act introduced on April 1, 2004. So far, eight individuals have either agreed or are now subject to bankruptcy restrictions for periods of between three to six years.
He added: "Bankruptcy has never been an easy option, six years is double the length of time restrictions would have applied under the previous legislation."
(KMcA/SP)
Individual insolvencies in England and Wales rose to 13,013 in the fourth quarter of 2004 – an increase of 8% on the previous quarter and a rise of 34.6% on the same period in the previous year.
These figures included 9,803 bankruptcies – an increase of 6.3% on the previous quarter and a 28.9% rise on the corresponding quarter last year. Individual Voluntary Arrangements, an alternative to bankruptcy, which allows debtors to reach an agreement on repayments with their creditors, also rose to 3,210 – an increase of 13.3% on the previous quarter and 55.8% on the same period last year.
However, the figures showed that company liquidations fell slightly in the fourth quarter, to 2,938 in England and Wales – a slight decrease of 0.9% on the previous quarter and a decrease of 11.1% from the same period a year ago.
The figures revealed that compulsory liquidations fell slightly, while the number of voluntary liquidations rose.
Compulsory liquidations rose 0.8% on the previous quarter, to 1,136, an increase of 0.3% on the previous year, while 1,802 creditors chose voluntary liquidation – a decrease of 2% on the previous quarter and 17.1% on the previous year.
Receiverships were also down (by 24%) on the same period last year, while administrations rose (by 84%).
Desmond Flynn, Insolvency Service, Inspector General and Agency Chief Executive, said: "Receivership appointments have continued to fall with the figures for 2004 being the lowest ever. An increasing number of companies are choosing the administration process when they get into financial difficulty. This is reflected in the number of administrations in 2004, which, rose by 115 per cent over the corresponding year for 2003."
The Inspector General added: "As regards those who act in an unreasonable or reckless manner prior to their bankruptcy, The Service is already making use of the personal provisions to the Enterprise Act introduced on April 1, 2004. So far, eight individuals have either agreed or are now subject to bankruptcy restrictions for periods of between three to six years.
He added: "Bankruptcy has never been an easy option, six years is double the length of time restrictions would have applied under the previous legislation."
(KMcA/SP)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
14 June 2010
CIPR Journalism Awards In Full
Deric Henderson of the Press Association has been awarded the Journalist of the Year title The Belfast Telegraph lifted the title for Coca-Cola CIPR Newspaper of the Year, and the BBC's Spotlight Programme won the Coca-Cola CIPR Scoop of the Year and the Coca-Cola CIPR Current Affairs Programme of the Year for its Irish Robinson Investigation.
CIPR Journalism Awards In Full
Deric Henderson of the Press Association has been awarded the Journalist of the Year title The Belfast Telegraph lifted the title for Coca-Cola CIPR Newspaper of the Year, and the BBC's Spotlight Programme won the Coca-Cola CIPR Scoop of the Year and the Coca-Cola CIPR Current Affairs Programme of the Year for its Irish Robinson Investigation.
20 April 2004
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
Good year for Tesco as profits top £1.6bn
It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
15 May 2003
Viridian's year-end pre-tax profits rise to £80m
Viridian Group’s year-end results have revealed a £50 million increase in turnover, up from £730 million in 2002 to £781 million. Profits on the back of this turnover increase were up from ££80.5 million in the last financial year to £69.8 million.
Viridian's year-end pre-tax profits rise to £80m
Viridian Group’s year-end results have revealed a £50 million increase in turnover, up from £730 million in 2002 to £781 million. Profits on the back of this turnover increase were up from ££80.5 million in the last financial year to £69.8 million.
07 August 2002
Ulster Bank half-year profits show 11% rise
Half-year results posted by the Royal Bank of Scotland have revealed that its Ulster Bank subsidiary has seen a massive £25 million hike in pre-tax profits compared to the same period last year.
Ulster Bank half-year profits show 11% rise
Half-year results posted by the Royal Bank of Scotland have revealed that its Ulster Bank subsidiary has seen a massive £25 million hike in pre-tax profits compared to the same period last year.
05 April 2002
Prudential pay increase comes in for criticism
UK insurer Prudential has come under attack after it emerged that its board awarded itself a 44 per cent pay rise in 2001, while most of the company's staff got less than four per cent.
Prudential pay increase comes in for criticism
UK insurer Prudential has come under attack after it emerged that its board awarded itself a 44 per cent pay rise in 2001, while most of the company's staff got less than four per cent.
-
Northern Ireland WeatherThis Evening and Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
