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Compulsory liquidations and creditors' voluntary liquidations in England and Wales increased 22.8% in 2009 to 19,077, the Insolvency Service reported Friday. Within the total, compulsory liquidations stood at 5,643 and the number of creditors' voluntary liquidations was 13,434.
At the same time, official data showed that there were 134,142 individual insolvencies in 2009, equating to approximately 1 in every 320 adults and an increase of 25.9% from 2008.
In the fourth quarter, compulsory liquidations and creditors' voluntary liquidations stood at 4,566, down 1.7% from the previous quarter. On a yearly basis, company insolvencies were down 1.1%. Meanwhile, individual insolvencies surged 24.9% annually to 35,574 in the fourth quarter.
Louise Brittain, partner in Deloitte's Contentious Insolvency Group said, "I fully expect 2010 to break all personal insolvency records, with the annual figure reaching as high as 145,000 petitions." With rising financial pressures along with increasing unemployment levels, the number of creditors pursuing debts will undoubtedly rise out of necessity, added Brittain.
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