60173889 England and Wales have set a record for the number of personal bankruptcies
Record number of people declared personal bankruptcy in England and Wales in 2010, reports Sky News. Around 135,000 people filed for bankruptcy, or agreed on the so-called individual voluntary settlement of debts. Last year, the number of such people was 134,000 people. This figure was also the highest at that time for more than 50 years of observations. Cases of personal insolvency in the UK risen dramatically since 2004. If the average for the previous 25 years, vehemently only 1 person out of 1800 in the year, but now the ratio was 1 to 323. According to Government Services for insolvency in 2010 decreased slightly the percentage of bankrupt businesses. In the second quarter of last year, their number, however, also has broken a record, surpassing 5000. Massive personal and corporate bankruptcies are related to the financial crisis of 2008-2009, and the very slow recovery from the recession. Recall that in the fourth quarter 2010 GDP of Great Britain after a period of growth again fell half a percent.
