The number of people who became insolvent jumped by 9.4% in 2017 – the second year running that figures rose. In total, 99,196 individuals were declared insolvent in England and Wales, up from 90,657 in 2016. The number of Individual Voluntary Arrangements (IVAs) rose to a record level of 59,220 – an increase of nearly 20% on 2016. Company insolvencies also rose – by 4.2%. In total 17,243 firms in England and Wales went bust in 2017, the Insolvency Service said. Duncan Swift, deputy vice-president of R3, said: “Inflation has eaten into many firms’ margins thanks to rising input costs on the one hand and with customers proving somewhat reluctant to stomach higher prices on the other.”
The Daily Telegraph, Business, Page: 31 The Times, Page: 52 The Guardian, Page: 43 Daily Mail, Page: 109
Source: The Morning Account