Personal insolvency cases drop in Birmingham
Birmingham has been “less affected” by the economic downturn than other cities. That’s according to accountancy firm RSM Tenon, which said the number of personal insolvencies in the city dropped by one per cent in 2010.
Last year, there were 3,925 reported cases of personal insolvency, compared to 3,960 in 2009, according to RSM Tenon Tracker. The tracker research also suggeststhe city underwent an estimated 25 per cent increase in personal insolvencies since pre credit-crunch days – less than the national increase of 28 per cent.
Andrew Appleyard, director of personal insolvency at RSM Tenon’s Birmingham office, said: “In 2008, Birmingham had 3,141 personal insolvencies and in 2010, there were 3,925. Despite a 25 per cent increase in personal insolvencies since 2008, this is less than the national increase of 28 per cent.”
RSM Tenon said it was predicting continuing record levels of personal insolvencies throughout 2011, with issues such as the VAT rise and public sector cuts facing the region.
Appleyard said: “The economic downturn has left people in a bad financial state and we expect this to continue through 2011 and into 2012. There really is no let up at the moment and many people will be struggling to see the light at the end of the tunnel when the upturn does arrive.”
