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The insolvency statistics for the last quarter in 2009 are due out this Friday (5th). Tension has already begun to mount at the Daily Telegraph and the Daily Mail. The reliable broadsheet has published an article with the following title: "Business owners opt for personal insolvency" The article notes:
"A growing number of small business owners are opting for personal insolvency in a desperate attempt to keep their company afloat, research shows.
Bosses have been using credit cards to finance their business and been prepared to pay the consequences when pressed by card companies to settle their accounts to protect their company.
Official figures recorded a sharp rise in personal insolvencies in the first nine months last year, masking what economists feel would have been a bigger increase in total business failures during the depths of the recession..."
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...