BusinessBusiness RecoveryReceivership figures double in October

Receivership figures double in October

The number of companies going into receivership has more than doubled in the last month according to figures from Deloitte & Touche.

The Big Five firm revealed banks had put 332 companies in receivership in October against 149 the month before.

This jump in receiverships is the highest since 1993, when the UK was coming out of recession.

Among the hardest hit sectors are retailing, with 146 companies in danger and manufacturing, with 62.

According to a Deloitte & Touche spokeswoman, the fact that a large company went into receivership clearly impacted on October’s figures.

This group is believed to be large automotive components manufacturer Federal Mogul, which filed for bankruptcy in the United States and, as a result, went into receivership in the UK in early October.

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The Insolvency shake-up

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