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Personal bankruptcies 'could rocket'
16/05/2008
There could be a huge rise in the number of personal bankruptcies, an academic has warned.
Professor Nick Wilson, from Leeds University Business School, told BBC Radio 4's Today programme that more corporate bankruptcies could mean more personal ones due to a lessening in income among those who have lost their business or been made redundant.
He said: "We are expecting to see a rise both in personal bankruptcies and corporate insolvencies."
In the late 1980s and early 1990s a rise in corporate insolvencies was followed by a rise in personal ones "in the last recession", he said.
According to Professor Wilson, recent spates of bankruptcies have been provoked by indebtedness rather than loss of income.
However, with job losses, this could change, he added.
Solicitors in Northern Ireland can give advice to those struggling with debt or mortgage repayments.
According to HM Revenue and Customs in Northern Ireland, bankruptcy means that assets are sold off and distributed amongst creditors in an attempt to pay off any debts.
Contact us for legal advice
Professor Nick Wilson, from Leeds University Business School, told BBC Radio 4's Today programme that more corporate bankruptcies could mean more personal ones due to a lessening in income among those who have lost their business or been made redundant.
He said: "We are expecting to see a rise both in personal bankruptcies and corporate insolvencies."
In the late 1980s and early 1990s a rise in corporate insolvencies was followed by a rise in personal ones "in the last recession", he said.
According to Professor Wilson, recent spates of bankruptcies have been provoked by indebtedness rather than loss of income.
However, with job losses, this could change, he added.
Solicitors in Northern Ireland can give advice to those struggling with debt or mortgage repayments.
According to HM Revenue and Customs in Northern Ireland, bankruptcy means that assets are sold off and distributed amongst creditors in an attempt to pay off any debts.
Contact us for legal advice
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