Number of bankrupt businesses increases

09 May 2005
Official government figures published on Friday revealed an increase in the number of company winding up, creditors' and debtors' bankruptcy petitions issued in the courts of England and Wales.

According to the Department for Constitutional Affairs, in the first quarter of 2005 there were 2,892 company winding up petitions - an increase of ten per cent on the number of petitions filed in the same quarter of 2004.

The same period saw 4,861 creditors' petitions, marking an increase of seven per cent on the figures for the same period in 2004.

Debtors' petitions saw the greatest leap, however: they climbed by almost half (47 per cent) to reach 7,528 this quarter.

The number of debtors' petitions has increased significantly over the last few years, reaching a total of 26,776 in 2004, compared with 16,507 in 2002 and 19,323 in 2003.

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