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Bankruptcies down in 2007, but set to rise

Fewer companies went bankrupt last year than in 2006 but more are likely to
get into difficulty this year, according to consultancy PricewaterhouseCoopers.

PricewaterhouseCoopers
(PwC) has estimated 11,147 businesses in England and Wales entered into
insolvency last year – 7.3% down on previous year. But it predicts tighter
credit conditions and a consumer-led slowdown will take their toll on businesses
in the coming year.

‘This is not the moment to relax,’ Mike Jervis, PwC business recovery
services practice partner, said. ‘There remain substantial risks going forward
owing to the ongoing impact of the credit crunch and concerns about the extent
of consumers’ spending power.’

Britain’s economy expanded by 3.1% in 2007, its fastest pace in three years.
But the economy is expected to grow by less than 2% this year as the credit
squeeze and a housing market downturn take their toll, according to
Reuters.

Further reading:

No promise of plain sailing for 2008

Related reading

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