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
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.
Mazars has announced the appointment of Michael Tripp as the new head of financial services
A new leader, Darra Singh has been appointed to lead EY’s UK government and public sector practice
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com