Corporate insolvency figures to rocket in 2009

The number of British companies going bust nearly doubled in the past year
and is set to rise even more in 2009, according to KPMG.

Figures compiled by the big four accountant showed a total of 3,225
insolvency appointments in 2008 (to 23 December), up from 2,230 in 2007.

KPMG said the outlook was worse for 2009, and that corporate insolvencies
could more than double again, to 5000.

Many companies are hurriedly restructuring their balance sheets, operations
and labour force but restructuring partner Jim Tucker says its inevitable that
some will run out of cash in the process.

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