Sign of Times: Bankruptcies rise to new record

**Mordac** · 4 November 2005, 14:34

>The DTI said there was no specific reason for the rise

Er, try "because more people can't afford to pay their debts".

Useless feckers.

**Mordac** · 4 November 2005, 14:34

PS - shouldn't that be an "Oh Dear" (tm) Beansey?

**milanbenes** · 4 November 2005, 14:37

afternoon Mordy,

if I were following the original spec then yes you are right it should be, but in these changing times it is useful try other brands to get the feel of where the market is really going and what it is that the customers want and respond to best

how's your plan b ?

if you leave the UK will you join me in Central Europe ?

Milan.

**Mordac** · 4 November 2005, 14:42

Plan B proceeding slowly. I was hoping to get a couple of months off to fine-tune after this contract (finishing next week) but people keep offering me new contracts. Inconsiderate feckers, eh?
I doubt it will be central Europe. Not if washing your crusty sock puppets is still on the menu.

**BobTheCrate** · 4 November 2005, 14:50

Some have suggested (not unreasonably) that since the time limit of being discharged from bankrupcy was reduced to 1 year from 3 years, has encouraged more people into voluntary bankrupcy as a preferable means to wave their debts.

The more worrying aspect of this for me is not so much the increase in personal bankrupcy, but the significant increase in business bankrupcies. This is not to under-estimate the potential gravity of personal levels though.

Despite the beginning of the end of a credit fuelled protection of the retail sector, lack of business confidence, more businesses and skilled people getting out of Britain, year on year diminishing mfg output, looming large scale unemployment once the public sector employment crashes, these bankrupcy figures, Gordon Brown still deludes himself that Britain has a strong economy. His tax receipts also continue to fall in line with all these wonderful achievements of his. I also wonder what is happening with the UK's balance payments.

It's going pear shaped for Britain because Brown has not got a clue how to prevent it because he is basically a clueless individual who has never been exposed to the harsh realities of working within the private sector. As a chancellor, he is a fraud.

All he has achieved is to construct the manacles responsible for wasting away the excellent economic prospects he inherited for this country.

Gordon Brown's abilities are miniscule by comparision to his arrogance.

**milanbenes** · 4 November 2005, 15:11

"that since the time limit of being discharged from bankrupcy was reduced to 1 year from 3 years, has encouraged more people into voluntary bankrupcy as a preferable means to wave their debts",

with this kind of legal and social acceptability what is the motivation not be worried by debt, and surely if you accept bankruptcy as an option then why not get right in there up to your neck

and besides the spending is only good for the economy anyway

Milan.

**BobTheCrate** · 4 November 2005, 15:34

The legislation was intended to encourage failed businesses to have another go. Not necessarily an unworthy motive for the change. Just unfortunate it may have also encouraged 'some' saliverous individuals to take advantage.

I suspect many people under-estimate the difficulties experienced during bankrupcy.

I wonder how many of those voluntary bankrupcies were home-owners and how many weren't ?

**milanbenes** · 4 November 2005, 15:41

property isn't a problem is it ?

don't you just transfer the house to another family member and then pull the rip cord ?

Milan.

**sunnysan** · 4 November 2005, 15:49

Vicous circle

Well it the availablity of credit whihc has fuelled inflation in the first.

The reaction to lenders to this will be to be a little bit more selctive about who they lend too.

Hoever cue the govt who will in order to curry favour with an ever endebted electorate, will relax the bankruptcy laws so that people will rather go bankrupt than repay their debts.

So all the lender will charge the poeple that are lending responsibly more

And who said the govt never fixed anything

Sign of Times: Bankruptcies rise to new record