Personal insolvencies drop the 'calm before the storm'

But the accountancy firm calls the fall “the calm before the storm” as the credit crunch begins to bite beyond financial markets. The figures represent a 5% fall on the same quarter last year. The number of individual voluntary arrangements (IVAs) fell 4% year on year to just over 10,200, while bankruptcies fell 2%. The data follows Grant Thornton research in September, which shows the total amount of UK personal debt exceeded UK gross domestic product for the first time. The value of the country's property assets can cover the £1.38trn outstanding consumer debt but Grant Thornton ...