Massive insolvency to grow, says Grant Thornton

The reason is today’s figures are largely based on the fact people affected would have first started turning towards insolvency as the final way out of financial difficulties during 2005. With debt seen as the prime driver of the insolvencies seen thus far, the additional debt burden taken on nationally since 2005 is likely to feed through beyond the next 12 months, Grant Thornton says. According to the figures published by the Insolvency Service, personal insolvencies jumped about 60% to some 300 per day, while corporate insolvencies have held steady but the number of companies going i...