Bankruptcy rate up in Cumbria (From The Westmorland Gazette)

Bankruptcy rate up in Cumbria

9:32am Wednesday 23rd May 2012 in Business

FIVE times as many Cumbrians were made insolvent last year than in 2000, according to figures.

The number of personal insolvencies in the county continued to rise for the third year running, according to trade body R3.

A total of 1,109 people in Cumbria went bankrupt or entered other formal insolvency procedures in 2011, up slightly from 1,094 the previous year. But this compares with just 233 in 2001.

The insolvency rate for Cumbria now stands at 27.5 per 10,000 people – marginally higher than the national average of 27.1.

But South Lakeland has one of the lowest rates in the country, with 145 people going bankrupt or entering formal insolvency in 2011, down from 165 a year before.

In Eden, personal insolvencies rose from 84 to 106 in 2011. However, the rate of 25 per 10,000 people still remains below the national average.