Continuing economic woes and a drive to cut debts will see a huge number of
corporate restructurings over the next twelve months, according to
PricewaterhouseCoopers’ Tony Lomas.
The Big Four firm’s chairman of business recovery services said at the
Reuters Restructuring Summit that the next year will see “the sticking plaster
coming off a lot of these situations”.
Lomas added that companies struggling to find the equity to resolve debt
problems will have to turn to their banks for further restructuring.
“I cannot see an upturn in the UK, Europe or the world that will be quick
enough or healthy enough to sort these problems out,” he said.
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
Smith & Williamson has been appointed administrators of charity 4Children