Legislation updateCross-border co-operationBanker’s dutyReceiving ordersDirectors’ disqualification
Corporate insolvency has shown an annual increase of 17 per cent, with 3,439 liquidations in England and Wales in the first quarter of 2006, but the number of personal insolvencies almost seems to be spiralling out of control. The number of individuals who went into bankruptcy or an individual voluntary arrangement during the first quarter of 2006 was 23,351, according to recent figures issued by the DTI. Personal insolvencies have all sorts of causes, but invariably arise out of excessive consumer debt, typically on credit and store cards. Interestingly, the proportion of consumers versus self-employed people using insolvency legislation to resolve their debt problems has shifted substantially towards consumers.