The latest figures showed a tripling in numbers over the last five months – there were 8,104 bankruptcies from January to May 2002, compared with just 2,738 during the same period last year. 2001’s total of 9,151 bankruptcies was a record for any year.
Analysts Merrill Lynch predicted gloom for the months ahead, saying the numbers were not expected to come down anytime soon.
A contributing factor to the dramatic increase in bankruptcies is believed to be the decision of the government to reduce the rehabilitation period from eight years to four years.
In addition, the island has struggled to shrug off the collapse in the Asian Tiger economies in 1997 and 1998.
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