Property and construction, one of UK’s most vulnerable industry sectors in
the nine months to September, recorded a 3% decline in administrations on the
previous corresponding period, according to a newly released
survey. Lee Manning, Deloitte reorganisation services partner, said that,
despite media speculation about a housing market downturn, this was not
reflected in insolvencies in the sector.
‘However, it is fair to expect that as credit becomes tighter in the property
market, we may see a ripple effect negatively impacting the industry’s support
service providers,’ he said.
Other key industry findings showed a 28% increase in administrations in
healthcare and social services; up 21% in the financial services; and up 15% in
hospitality & leisure. Manning said these increases were from relatively
small bases and therefore did not give cause for concern.
All regions except the north-west saw a decrease in administrations, the
sharpest drop, at 29%, was in East Anglia; followed by the south-west, down 19%;
and Yorkshire and Humberside, down 14%. The north-west showed a marginal
increase in administrations of 1%.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements