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Liquidations linked to personal debt problems?

Liquidations linked to personal debt problems?

- Tuesday, 24 November 2009

Liquidations are at the heart of a significant proportion of the last year's unemployment rises, it has been revealed.

According to research from CreditPal, 164,000 people lost their jobs in the past 12 months as a result of their employer closing down - a figure that equates to 29 per cent of all UK joblessness for the period.

With unemployed people more susceptible to serious debt problems, the liquidation of UK-based firms could well have increased UK debt advice needs.

Chris Poll, chief executive of Future Route, the creator of CreditPal, said the collapse of businesses had significant impacts for other companies at a similar commercial level.

He commented: "These liquidations have had a significant impact across the UK’s small to medium-sized enterprises network, not only through the jobs lost directly, but also by leaving trading partners with bad debts."

According to the Office for National Statistics, UK unemployment reached 2.461 million in the three months to September.
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