Insolvency on downward slope in August

22/09/2009

Last month saw a decline in failing UK businesses according to credit checking agency Experian.

The report revealed that 1,796 companies went insolvent in August. That’s a 23 per cent fall from July.

The credit checking company says the figures are “encouraging”, despite the number of businesses going insolvent rising by 11 per cent year-on-year.

It’s not just mere mortals who are saying no to insolvency and finding other ways round debt.

The former Men Behaving Badly and Bob the Builder star, Neil Morrissey, has admitted to debts of roughly £2.5m after his luxury chain of hotels collapsed. But he's choosing to avoid bankruptcy to get out of his debt.
Instead he's reported to have opted for an Individual Voluntary Arrangements'>Individual Voluntary Arrangement to pay back his creditors in three years.

This option is increasingly popular according to debt management firm EuroDebt. It provides a non-borrowing route to repaying your debts according to what a person can reasonably afford.

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