BusinessBusiness RecoveryNIBS: Insolvencies rise by 10%

NIBS: Insolvencies rise by 10%

Insolvencies in 2002 have risen by over 10%, the department of trade has revealed, illustrating the extent of the economic downturn in the UK.

The statistics show 12,240 personal and corporate insolvencies in the fourth quarter of 2002 compared with 11,104 at the same time last year. Company insolvencies rose the most on a year-on-year basis. In the fourth quarter of 2002, 4,323 companies went to the wall in England and Wales, rising almost 15% from 2001. Corporate insolvencies were up 11.1%.

  • The owner of a teen fashion retailer has filed for administration after a slow year and difficult Christmas. RSM Robson Rhodes partners Simon Bower and Mike Oldham have been appointed administrators to Margaux Fashions Limited, the young ladies and teen fashion retailer. Bower said: ‘We will continue to operate the viable outlets while a buyer is sought.’
  • The world-renowned Marquee Club, a legendary London nightspot in the 1960s, has called in the administrators after suffering cashflow difficulties four months after it reinvented itself. In its heyday, the club hosted top acts like Jimi Hendrix and Mick Jagger.

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