Back in June on this blog, I asked the question whether we were experiencing a calm before the storm, as the effects of the credit crunch, rising fuel and utility prices had yet to be seen in any insolvency stats etc.
However, like the weather we have been experiencing this summer, storm clouds are beginning to settle over corporate Britain too, and now government figures are bearing this out. The liquidation figures for the second quarter of 2008 in England and wales hit 3, 689- the worst quarterly figure for 5 years. A lot has to happen to reach the liquidation levels seen at the peak of the last economic downturn of 1992 (24, 425 liquidations in total), but the signs are pointing that way I’m afraid.
Looks like the weather ahead is not only good for ducks- insolvency practitioners and turnround specialists will also be advantaged by the poor conditions hovering over the country at present.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children