Bankruptcy Facts
Bankruptcy Statistics
A huge 50% increase in Business Bankruptcies was recorded for 2008. The total corporate filings for 2008 were 43,546, compared with 28,322 in 2007 and this last figure was a 50% increase on the previous year. This means that total Business Bankruptcies have more than doubled over the last two years.
An analysis of the facts behind the statistics shows:
1. Denial and Procrastination are consistently the number one causes of bankruptcy.
2. 'Creative accounting' and outright criminal fraud played a major role in many of the larger business failures.
3. On the other hand, the vast majority of business filings were as a result of the principals either being unable or unwilling to react quickly enough to changing market conditions.
4. Many of these companies did not engage outside help until it was too late.
5. Almost all of the companies seeking court protection would have preferred to remain in business and filing for Bankruptcy was a last resort.
5. Almost all of the companies seeking court protection would have preferred to remain in business and filing for Bankruptcy was a last resort.
7. Our firm's Debt Resolution Service would have enabled these businesses to enjoy most of the relief associated with a Chapter 11 Bankruptcy without losing control of the company to the court and suffering all the other well known draw backs of such action.
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