PracticeConsultingDreams of riches contribute to company liquidation four-year high

Dreams of riches contribute to company liquidation four-year high

Figures released by the government today reveal that 14,283 businesses went into liquidation in England and Wales last year, the highest rate since 1995.

The figure represents an 8% increase on 1998.

According to PricewaterhouseCoopers, the increase represents an increase in company start-ups, sustained growth in the UK economy and an increased reluctance on behalf of creditor banks to instigate formal receiverships.

A spokesman from the firm’s business recovery services division said: ‘The paradox of the strengthening economy is that as more would-be entrepreneurs pursue their dreams of riches, the number of failures will inevitably rise.’

DTI unveils new figures showing sharp rise in personal insolvencies

Byers publishes Insolvency Bill but drops clause requiring creditors to give notice before appointing receivers

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