Northern Ireland named UK's 'bankruptcy capital'

Last year saw a huge increase in the number of individuals declaring bankruptcy in Northern Ireland, according to research carried out by financial specialists Grant Thornton.

In the year to September 2004 there was a 67% jump in individual bankruptcies, higher than anywhere else in the UK. London was second highest with a rise 52%.

"Bankruptcy numbers have gone through the roof and have reached an average of 126 people declaring bankruptcy every day, compared to 97 in 2003," said Mark Allen of Grant Thornton. "The biggest increase in bankruptcy numbers has undoubtedly been seen over the past 12 months, fuelled by soaring debt levels in particular hotspots, especially Northern Ireland, London and the South East."

In 2004 there were 45,000 individual bankruptcies in the UK as a whole, an increase of 27%. Current levels are around 70% higher than in 1995.

(GB)