Accountancy firms in Scotland are beefing up their insolvency practices for
an expected influx in corporate administrations.
Accountants believe companies in the north of the country could be at risk
from increasing insolvencies reported The
Dundee based Henderson Loggie has recruited three people from restructuring
firm Begbies Traynor to prepare for the surge.
“The reason there has not been a great number of corporate failures so far is
that I know that the banks are only just gearing up to look at the impaired
assets by increasing staff numbers in their impaired asset teams” George Dale,
head of business recovery at Henderson Loggie told
He added: “These teams are looking at getting the banks’ money back. These
companies are not the high-value ones which were dealt with first, but the
smaller firms. We expect to see a large volume of insolvencies in early 2010 and
through to 2011.”
Ernst & Young’s Scottish Item club forecast that Scottish GDP would
contract by 4.9% compared with a UK wide contraction of 4.6%.
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