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Slower growth, legal changes and a shift in attitudes to debt have led to a sharp rise in personal insolvencies, according to Department of Trade and Industry figures published yesterday. There were 17,562 personal insolvencies in England and Wales in the three months to September -a 46 per cent rise compared with the same quarter last year.
The number of companies going into liquidation also rose by 14.2 per cent over the same period, to 3,389. Although the figures showed insolvencies rose across most sectors, retailers were particularly hard hit with an 18 per cent rise in the first six months compared with the same period last year.
“we are experiencing the same thing in the United States where HSBC is heavily invested in HSBC Finance Corporation – the old predatory lender Household International” said HSBC Watch.
This article, England and Wales insolvencies increase, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
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