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Rich list hit by insolvencies

The number of highly educated, wealthy individuals becoming insolvent rocketed by 43 per cent during last year, according to research out today.

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Number of people declaring bankruptcy on the rise

The number of people attempting to make themselves bankrupt jumped by a fifth in the first three months of this year, according to figures released by the Ministry of Justice (MOJ).

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Insolvencies reach record levels

Over 388 people entered insolvency every day during the first three months of this year, according to the latest figures from RSM Tenon Tracker.

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Third of people are in debt denial

A third of people with debt problems have not told their family or partner, according to fresh research by insolvency trade body R3.

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People are becoming slaves to DMPs

Over a quarter of individuals in debt management plans (DMPs) will have to face making payments for over ten years, according to figures released today by insolvency trade body R3.

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Government changes to DROs

The government has announced plans to make it easier for people in financial difficulty write off their debts in Debt Relief Orders (DROs).

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Solicitors charged with £50m fraud

Two solicitors have been charged in connection with a series of high value commercial mortgage frauds.

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HMRC give £70,000 job to undischarged bankrupt

Just a month after petitioning for the bankruptcy of Robert Bowering, 46, HMRC employed him as manager of its Centre 1 call centre in East Kilbridge, Lanarkshire. 

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Dismal POCA recovery from VAT fraud

Raymond Woolley, convicted of a £38m VAT fraud, must repay £12m within three months or serve another two years in jail. 

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Results of IVA review published

A review of the handling of IVA cases by the Insolvency Service has revealed that most IVAs complied with the new IVA protocol, and that over half of debtors found the process easy to understand.

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Businessman enters £24m IVA

A Plymouth businessman with debts of more than £24m has entered into an IVA which may see his creditors receive 0.23p in the £.

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Bankrupt pub owners receive suspended sentences

Two bankrupt former pub owners from Warehorn, Ashford have been given suspended prison sentences after failing to tell the Official Receiver that they had sold their pub and fled to Spain with the profits, following a prosecution by the Department for Business, Innovation and Skills.

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Bankrupt accountant forged OR letters to empty account

A bankrupt accountant who forged letters to her bank so she could access funds seized by the Official Receiver has been sentenced to 200 hours community service.

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IPs accuse OR of encroaching on bankruptcies

Private sector IPs have accused the Official Receiver’s offices of stepping outside their remit in dealing with bankruptcies where there are realisable assets.

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OFT to investigate debt management firms

The Office of Fair Trading (OFT) has announced that it is launching a review of compliance levels across the debt management industry.

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Secret millionaire forced into bankruptcy

Chek Whyte, one of the Secret Millionaires appearing on the Channel 4 TV series, has been declared bankrupt after his IVA application was rejected.

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R3 - One million people insolvent in the UK

Around 700,000 people are currently left off the official British insolvency figures, even though they are technically insolvent.

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Debt Relief Orders take effect

Debt Relief Orders will allow someone with little or no income, and debts of less than £15,000 to ask the Official Receiver to write off their borrowings.  Applications are made to the Insolvency Service via an approved debt adviser.

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Bankruptcy trustee grills bankrupt Kerry Katona

Louise Brittain, partner at Baker Tilly, today reportedly interviewed Katona and her husband at their home in Cheshire. Katona was declared bankrupt in August 2008 over an outstanding £417,000 tax bill.

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