Number of insolvencies rise

05/02/2010 Number of insolvencies rise

The number of companies that entered insolvency in 2009 rose 20.6 per cent to 25,432, new figures from PricewaterhouseCoopers (PwC) have revealed.

Overall, the figures represented the highest-ever annual rate of insolvencies.

Commenting on the findings, PwC's Mike Jervis noted that the economy was stabilising at best, with a number of companies hoping that the general election could led to better times ahead and reduced risk.

He stated that the number of creditor voluntary arrangements (CVAs) had increased, as the method had gained momentum recently.

Mr Jervis added: "[CVAs] can be particularly effective when used with multi-site businesses such as retailers, pubs and hotels."

Data released by the government's insolvency service today (February 5th) showed that the number of people being declared bankrupt is at its highest level since records began - with 134,142 entering into it.

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