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16 Jun 2008
The credit crunch will push more than 17,800 businesses over the edge this year and 19,100 will become insolvent next year, according to BDO Stoy Hayward forecasts.
The figure compares with the 19,928 businesses which failed in 2002, when the dot-com bubble burst, The Times reports.
BDO said its forecasts has been revised sharply up on six months ago as prices spiralled and consumer confidence and house prices kept plunging.
Shay Bannon, BDO Stoy Hayward business restructuring partner, said the credit
crunch was going to have a more profound effect than expected on UK business.
‘Companies need to batten down the hatches for the next 18 months,’ he said.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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