Insolvency Service figures released last week showed a 220% surge in number
of administrations, receiverships and company voluntary arrangements for the
final quarter of 2008 compared to the previous year.
Insolvency specialists expect demand to be even stronger this year. David
Kerr head of the
Practitioners Association said: ‘The numbers of insolvencies haven’t been
this high since the last recession.
The expectation among practitioners is that the economy will get worse before
it gets better and IPs will be even busier than before.’
Tony Murphy, a restructuring and recovery director at Smith &
Williamson, said: ‘It’s shaping up to be incredibly busy. It’s going to be as
deep and as bad as 1989-92, but it will be different. Another economy is
normally doing quite well, but this time, the whole globe is in it.’
Accountancy Age understands PwC has made more than £50m for its work
between 15 September and 31 December 2008 as it began its efforts to unravel
Lehman Brothers European business.
The big accounting firms remain tight-lipped about fees, although Deloitte is
thought to be in line for a multi-million payout after recouping all investment
made by Woolworths bankers Burdale and GE Finance.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
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