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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

28 JUL 2009

Bankruptcy on the increase in Northern Ireland - 1,000 a possible target

The BBC are reporting that bankruptcy is on the increase in Northern Ireland. Here are some edited highlights from the article:

"More than 1,000 people could be declared bankrupt this year - the highest ever figure recorded in Northern Ireland.

New figures from debt monitor Stubbs Gazette show that personal bankruptcies rose to 572 for the first half of 2009.

That is 55 more people than for the same period last year.

Laura Byrne, business development manager for Stubbs Gazette, said the level of desperation was evident in Northern Ireland.

"We're on pace to exceed 1,000 bankruptcies this year, the highest number ever recorded in NI's history," she said.

Ms Byrne said debt-laden consumer and small businesses saw bankruptcy [?? as in sole traders and partnerships?] as the only way out of personal debt crisis in the recession."

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