Insolvencies up 40%, says PwC

PwC has said that insolvencies have surged by 40% compared to the same period
in 2007.

In advance of today’s national insolvency statistics issued by the Insolvency
Service, PricewaterhouseCoopers LLP conducted its own analysis into corporate
insolvencies, finding 4,039 businesses across England and Wales entered into
insolvency in July, August and September of this year.

Mike Jervis, one of the four joint administrators on the Lehman Brothers job,
‘[PwC] predicted in the last quarter that the small decrease in figures would be
the calm before the storm. A 40% increase on the same period last year shows
that the lack of confidence and capital is now impacting a much broader range of
the economy than we have experienced to date.’

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