Insolvency increases driven by volunteers

In the first quarter of 2007 personal insolvencies rose by 23.9% on the previous year, with 30,075 individuals declaring themselves bankrupt or entering into an IVA – equivalent to 330 people a day. Grant Thornton, a financial and business advisory firm, says analysis of the figures issued by the Insolvency Service show bankruptcies increased by 10% compared to 12 months ago, while the growth in IVAs has continued at a rate of 47.6% over the same period. Mike Gerrard, head of personal insolvency at Grant Thornton, says the fact remains many in the UK are still hooked on spending on cred...