Recent figures from the Department of Trade & Industry show a 10% year-on-year increase in the number of companies going into insolvency proceedings. And although many businesses this year blamed their demise on September 11 knock-on effects, experts say the attacks only had a marginal influence. Bad management was still to blame for the most part, they said.
In an exclusive interview with Accountancy Age, David Buchler, president of R3, the association of business recovery professionals, said training was a ‘brilliant idea’, not only for bankrupts but for all business managers, adding professional bodies should actively drive training and government should encourage it. He said: ‘Professional bodies – the Institute of Directors, the CBI – really should be pushing very far’.
Buchler, non-executive vice-chairman at Tottenham Hotspur, also reiterated the need for football to be more ‘flexible’ over the controversial supercreditor rule which favours players’ contracts and ‘football creditors’ above all others.
‘In finding that flexibility I think football will be stronger for it,’ he said.
The full interview with David Buchler will appear shortly on the site.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies