Individuals of north east region are highly facing financial crisis as result of this several individuals have gone for personal insolvency. According to latest financial figures, it has increased fivefold in last ten years. According to latest financial figures North East part of the state has experienced 35.2 percent growth in insolvency voluntary agreement cases in last year that was just 7.3 in 2001.
Personal insolvency cases of this region were 1441 in 2001 that increases to 7319 in last year. Insolvency rate of last year was double of London that was lowest rate in the country with 17.5 as said by the office of National statistics. Financial figures also show that Middlesbrough was recorded as second biggest rise in IVA insolvency rate between 2008 and last year.
There was increase of 76 percent from 174 to 310 cases. Humber and Yorkshire has experience insolvency increase with 8.6 percent per 10,000 cases. There were total 3298 cases in 2001 that increases to 28.9 and becomes 12255 cases
in last year. Financial experts have said that these figures are high lightening the regional gap between rich and poor. Recession has hit Britain badly. One leading licensed insolvency practitioner has said that insolvency cases are not evenly spread across the country. Increase has been noted since 2001 but there was decrease in insolvency rate since 2009.
Former chairman of insolvency trade group R3 Jim James in North East as well Insolvency and corporate recovery unit head has together said that though number insolvency cases are falling in North East region still it is on top in such cases. Present economic situation is indicating towards little improvement for foreseeable future. Still lots of people in North east are dealing with financial issues. Apart from Individual insolvency arrangements other insolvency events have also been figured like bankruptcy and debt relief order.
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