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Female insolvencies highest ever 3 November 2011

Half of UK insolvencies in the latest quarter - 14,815 - were due to female financial woes.

The figures from accountancy firm RSM Tenon showed women outnumber men in the 18-25 and 26-35 age groups, with 65 per cent and 54 per cent of all insolvencies.

Bad times

Head of personal insolvency at RSM Tenon, Mark Sands, described the figures as a “bleak day” for female credit ratings in the UK.

He said: "Women are now responsible for virtually half of all personal insolvencies generally across all age groups, with younger women rapidly eclipsing the number of younger insolvent men.

"This is despite the total of personal insolvencies falling across the UK. Whether women today are struggling more than ever to survive against the current bleak economic climate, or are simply burying their head in the sand, this latest example of sex equality should serve as a wake-up call to them."

It comes despite RSM Tenon predicting the official Insolvency Service figures, released on Friday, will show a general fall in personal insolvencies for the last quarter.

It is set to be the fifth successive quarter of ‘year on year’ quarterly falls, with 12 of the past 13 months registering a drop.

Small percentage

RSM Tenon expects the figures to show bankruptcies only accounting for 32 per cent of all personal insolvencies – the lowest proportion since records began.

Individual Voluntary Arrangements (IVAs) are set to make up 42 per cent of all personal insolvencies.

And it predicts year on year figures will reveal personal insolvencies in the South West will have dropped by 17 per cent, with the East Midlands and East of England also down 15 per cent.

By Andy Pearce



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