The Rising Tide of Insolvency - the Elliott Laurence View

OLDHAM, England, May 12, 2010 - Following the release of the latest figures from The Insolvency Service
it seems that while the UK may have weathered the worst of the recession, a
huge number of businesses and individuals are still facing insolvency and
bankruptcy.

As specialists in corporate recovery, insolvency and bankruptcy, the
North West-based Elliott Laurence has a particular view of what the figures
mean for businesses and individuals nationwide.

In the first quarter of 2010 there were 4,082 compulsory liquidations and
creditors' voluntary liquidations in England and Wales. There were 35,682
individual insolvencies in the same period.

While the corporate figures were down on the same period last year by
17.8%, individual insolvencies were up by 17.9% over the same period

Experts at Elliot Laurence believe that this sends an important message
about the economy.

Businesses might have turned the corner but there is a very rough ride
ahead for individuals, more and more of whom may well find themselves
entering into Debt Relief Orders (DROs), Individual Voluntary Arrangements
(IVAs) and bankruptcies.

One phenomenon which has surprised observers is the increasing number of
high net worth individuals who are finding themselves in this position. There
may be a number of reasons for this. This may be because, in many cases,
personal guarantees on corporate debt are being called in. It is also thought
that many company owners have tried to support their businesses through
taking out personal mortgages which they find themselves unable to repay.

Elliott Laurence's Head of Marketing, Ian Whilby, says "Obviously the
recent announcements from The Insolvency Service are very worrying for any
observer of the UK economy and there is strong evidence that there may be
worse to come.

"It has been said that there's a time lag of up to three years between
the economy struggling and the effects becoming full apparent. It wouldn't be
too much to suggest that we're sitting on a time bomb for many businesses and
even more individuals.

At Elliott Laurence, and our consumer arm, www.getawayfromdebt.com
we are ready to step in and help. There are tough times ahead, but we have
the expertise to help people to get through them."

www.elliottlaurence.com helps customers navigate these difficult
times with easy to follow steps which allow you to quickly address your
situation

Contact: Ian Whilby, Head of Marketing, 0800-996-1136,
Ian.whilby@elliottlaurence.com

Contact: Ian Whilby, Head of Marketing, 0800-996-1136, Ian.whilby at elliottlaurence.com