More Brits than ever are opting to declare themselves bankrupt due to the increasing simplicity in the orchestration of the process.
 
Studies have revealed that UK residents are less embarrassed to admit Bankruptcy status than they were a decade ago and are said to be adopting a more “American” attitude towards the procedure.

In addition, IVA’s have also soared in popularity over recent years, which have in turn caused insolvency practitioners to dramatically change the way in which the procedure is conducted in order to speed up the process i.e. skipping the formal meeting altogether in favour of written or verbal voting.

It is difficult to comment either way on the finding’s as many analysts are of a split opinion. The most obvious reaction to the news can only be one of negativity; increased bankruptcies can only mean increased debt, which can’t be a good thing. However, on the other side of the coin some experts feel that British business could greatly benefit from the change, as fewer would-be entrepreneurs will be discouraged from taking the plunge into business due to the potential stigma.