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Bankruptcy `up in the north-east`

26/03/2007

Personal bankruptcies are on the rise in the north-east, it has emerged.

Insolvency figures in the region went up from 2,572 in 2005 to 3,464 last year, the Northern Echo reports.

The Liberal Democrats released the figures in response to chancellor Gordon Brown`s Budget comments on the success of Britain`s economy.

In North Yorkshire, bankruptcies grew from 630 to 894, according to the report.

Bankruptcies in Middlesbrough increased by 52 per cent in 2006, followed by Darlington with a 46 per cent rise and Durham with a 30 per cent upturn, the study reveals.

Individual voluntary agreements are not included in the statistics, which means the numbers do not necessarily reflect the number of people who are getting into debt.

Earlier this month, PKF studied debt problems in Scotland and estimated that 17,000 people could go bankrupt in 2007.

Meanwhile, there were nearly 30,000 individual insolvencies in England and Wales during the last quarter of 2006, according to the Insolvency Service.

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