Insolvencies back on the increase
After a third-quarter lull, insolvency figures have risen nearly 3% in a year, Department of Trade and Industry figures have today revealed.
After a third-quarter lull, insolvency figures have risen nearly 3% in a year, Department of Trade and Industry figures have today revealed.
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.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceInsolvency statistics in the UK for the second quarter of 2023 were the highest since 2009 with 83% of them relating to small businesses Read More...
View articleThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleThe survey paints a “brightening” picture of the global economy, according to the ACCA Read More...
View articleThe pandemic may have “distorted” some economic data Read More...
View articleAdvisory firms must offer a “more supportive” and holistic approach to clients amid the economic downturn Read More...
View articleHaving a clear plan and clean data to help optimise the use of scarce resources will be key for businesses Read More...
View articleThe Coronavirus Job Retention Scheme has supported millions of jobs amid the pandemic, but with the support measure set to end in September, how can a...
View articleShift from BBL debt to equity could pose wider business implications Read More...
View article