We mention this as unexpected bankruptcies can be protected against to an extent with Trusts, though it is no good leaving it until you are already in trouble. Contact us for more information on precautions which may save assets in the event of bankruptcies. But here is the Baker Till story:
The overall number of personal insolvencies in Q2 2012 fell by over 10% compared with the previous year and the number bankruptcies by over 27%, according to the insolvency statistics published today by The Insolvency Service.
“The 10% fall in the number of personal insolvencies is very welcome, although I am concerned that this headline figure masks the underlying financial problems that many households continue to face.” says Alec Pillmoor, Head of Personal Insolvency at Baker Tilly.
He continues: “These statistics do not include schemes such as debt management plans. The recent economic review suggests that real household income is at its lowest since 2005 and the unexpected fall in GDP reported last month has made many people question their job security.”
“It is to be hoped that the feel good factor of the recent Olympic medals successes by Team GB will lift confidence and the next economic review will show an improved situation for beleaguered households. The recent sporting news has been a welcome change from the usual diet of issues in the Eurozone.”
That’s from Baker Tilly. We feel that the practice of entrepreneurship in the UK would be well served if more business people were aware of the benefits of trust. Business is by its’ nature a risk, and anything individuals can do to safeguard their families seems to be just sensible practice to us. But Trusts don’t work for fraudsters!