Kroll Buchler Phillips partner Simon Wilson said insolvencies fell but there was a flurry of restructuring activity in the background, as clearing banks caught ‘problem cases’ early.
According to the latest figures from the National Statistics Office, insolvencies dropped by 21% in the third quarter of this year. Roger Oldfield president of R3, the association of business recovery professionals, says the fall in compulsory liquidations is due to the government’s lenience with businesses that have been affected by foot-and-mouth.
Recent outbreaks of the disease have caused fox hunts, such as the York and Ainsty, to keep their hounds behind bars.
Mick Loughlin of KPMG confirmed leniency was being shown. He said there had been far fewer liquidation petitions from Inland Revenue and Customs and Excise than in previous years.
PKF’s managing partner Martin Goodchild said that banks are now more interested in company turnaround.
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens
Team Rock the publication of classic rock is in administration with FRP Advisory
Lifestyle Living UK is being marketed for sale by FRP Advisory administrators