Company insolvencies in England and Wales climbed to 3,798 in the fourth quarter of 2001, an increase of 2.6% on the previous year and 1.8% up on the previous quarter.
This comes after a surprising fall in third-quarter company failures. Insolvency figures are also higher than in the second quarter of 2001.
However, individual insolvencies barely grew from one quarter to the other, as only a total of 7,340 people went bankrupt.
A total of 14,972 companies went bankrupt in 2001, representing 1.1% of all active companies in the UK.
Tony Lomas, business recovery partner at PricewaterhouseCoopers said: ‘If the market thought theat large swathes of businesses would recoil from the shocks to the international economy and increasing pressure from banks, there is not much evidence of this happening.’
He added: ‘Banks have steadfastly avoided making judgements about the future potential of businesses in the immediate aftermath of the events of last September. This attitude among lenders means circumstances are far more positive than one might have expected.’
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
Smith & Williamson has been appointed administrators of charity 4Children