PwC: Personal Insolvencies Down, Reports

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Personal insolvency in England and Wales have continued to fall

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Big4, the premier social networking forum for professionals and alumni of Accenture, Andersen, BearingPoint, Capgemini, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers PwC reports that the number of bankruptcies in England and Wales has fallen since the first quarter of 2012. also notes that 27,390 people entered into bankruptcy, Individual Voluntary Arrangements (IVAs) or took advantage of the Government's Debt Relief Orders (DROs). This represents a decrease of 10.2% on the same period last year when 30,502 people entered insolvency.

Nick Reed, director and personal insolvency expert at PwC commented:

"It is pleasing to see an overall fall in personal insolvencies, but this shouldn’t distract from the fact that the overall numbers are still significant,” he said. “This is being driven by a reduction in real disposable income and salaries not keeping pace with inflation, coupled with uncertain employment prospects.”

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Kristy Short
(734) 481-0186

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