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Bankruptcy trouble 'lies ahead'

Bankruptcy trouble 'lies ahead'

- Tuesday, 30 June 2009

More debt problems are still to emerge as the effects of the recession take hold of individuals' finances the world over, reports MoneyWeek.

The financial news provider explains that bankruptcy, personal insolvency and joblessness are all likely to rise in the coming months.

"By the end of the year global company default rates are expected to rise to record levels as businesses hanging on by the skin of their teeth are no longer able to do so," the article adds.

debt problems on an individual basis are likely to have a knock-on effect on lenders, the news provider notes.

MoneyWeek reports the European Central Bank's expectation that debt and loan defaults could have twice as strong an impact on the continent's lenders as securities write-offs.

The publication previously reported that an increase in IVA statistics over the course of 2007 was a "scary" reminder of the laissez-faire attitude adopted by some borrowers towards the prospect of paying back what they owe.ADNFCR-2300-ID-19242045-ADNFCR
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