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Cautious welcome for drop in insolvencies in East Lancashire
2:27pm Thursday 9th August 2012 in News
AN East Lancashire financial expert has cautiously welcomed news that company, and individual, insolvencies are down.
Ian Kay, debt recovery manager at Napthens solicitors, in Blackburn, reports that the figures from The Insolvency Service, for April to June 2012, show company insolvencies have fallen 2.4per cent, compared to the same period in 2011.Meanwhile, the number of bankruptcies is as low as 2004, representing a drop of 27per cent over the last year.
However, figures from debt charity the Consumer Credit Counselling Service show that six million households are ‘living on the edge’.
Ian said: “It is good news to see the number of company liquidations falling, and we are close to seeing fewer than 4,000 businesses fall into liquidation over a three- month period for the first time since 2010.
“Despite the falling figures, it is clear that many businesses are still facing real difficulty, and figures for the next quarter may paint a different picture.”