Recent statistics released by the Insolvency Service have once again shown that women are more likely to enter into insolvency proceedings than men.

Marking the fourth consecutive year that this gender gap has been identified, the disparity has widened steadily for some time according to the data. In 2000 and 2016, for example, the percentages of insolvencies including a woman were at 30% and 53.4% respectively, whereas last year they rose to 53.9%.

To add to that, over the course of 2017, women were involved in 65.4% of debt relief orders and 53% of individual voluntary arrangements, though men still possessed higher bankruptcy rates.

Across both men and women, personal insolvency levels increased in all regions of England and Wales in 2016 and 2017. Whilst the former stood at 19.7 per 10,000 adults, the latter went up to 21.4, which is the highest figure since 2014.

Looking geographically, the North East and coastal towns such as Scarborough generally suffered from the largest concentrations of insolvencies (which is a pattern that has already been established in recent years), with Stoke-on-Trent being the local authority with the most.

Commenting on the above, Mark Sands, Chair of the Personal Insolvency Committee at R3, said that the gender issue can be attributed to numerous factors. As well as often being paid less than men for comparable work, it is more probable that women will work part-time and be single parents.

He additionally said that the decline of industries is partly to blame for the seaside locations underperforming, with these finding that the typically low-paid seasonal work dries up in the winter months due to the weather.

Serving the Yorkshire and North East areas from our offices in Leeds, Harrogate, Bradford and Darlington, Walsh Taylor are always on hand to assist you if you and/or your business is in an uncertain financial position.

For more information on our services, please do not hesitate to call us today on 03300 244 660.

Mary Taylor

Mary began working in insolvency for a national accountancy practice in Glasgow thirty years ago and worked in most divisions of the insolvency department.

She then moved to a smaller firm so she could advance her knowledge on a more hands on basis. She moved back to Leeds in 1987 and commenced working with a small firm of accountants and subsequently made partner.

She left in 1999 to set up her own practice, McCann Taylor.
McCann Taylor became involved with the consumer market both in England and Scotland.

Mary sold McCann Taylor in March 2007 and formed Walsh Taylor to concentrate on helping businesses experiencing financial difficulties.

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