The number of people who were declared insolvent in England and Wales hit a record high in the last quarter of 2009 and during the year in full.

The figures from the Insolvency Service marked the depth of the recession, with 35,574 people declared insolvent in the last three months of the year.

That was a rise of 25% on the same period a year earlier.

The number of businesses going bust also rose to a new annual record in 2009, with 6,355 going under. Source BBC  - 8th February 2010

Bankruptcies reach record levels - Number of people being declared bankrupt in England and Wales has hit a new record, according to the government's Insolvency Service. - 1st May 2009

Individual bankruptcies to surge over the coming months in the face of recession, faster rising unemployment, higher debt levels, very tight credit conditions with more and more people trapped in negative equity. - 14th November 2008

Many "sound" small firms could be bankrupt by Christmas because of the financial crisis, business bosses warn. We already know that is factual - but forums and 'chatshops' won't stop it. Where banking is concerned we are more than just an extra 'pair of hands' - See Business Banking Solutions for an idea of what we deal with. - 11th November 2008

Sharp rise in people going bust - A leading economic consultancy predicted that bankruptcies would continue to rise. "With the full effects of the credit crunch and rising unemployment yet to be felt, bankruptcies are set to soar over the coming two or three years," said Capital Economics. "We expect the number of personal insolvencies to rise from around 110,000 this year to around 140,000 in 2009 and even further thereafter." - 7th November 2008

‘First of many’ failures in construction - a building company which employs 320 workers going into administration. The company, David McLean Holdings Ltd, of Flintshire has house building, property development and contracting subsidiaries, with offices in Cardiff and Shrewsbury. Administrators Deloitte said McLean's house building division was continuing to trade as a buyer is sought. The contracting division is to close. The group, founded in 1972, has operations in south Wales, the Midlands, north west and south west of England with a turnover of £160m. - 27^th October 2008

Bankruptcy levels are rising and business failures are also rising now - quicker than ever before as the 'fall-out' from first the credit crunch and the bank bailout and rescue by Government which followed. One thing we can be certain of - and that's uncertainty - for some time to come.

It's natural you will want to know our 'pedigree' - visit UK Bank News 2009 for most recent Banking News and you will also find our national newspaper comments plus many more in the News and archives sections of our site - see our site map. IBAS has featured in BBC TV and ITV News items and programmes on banking and the banking issues many times since we were established in 1992.