PwC has warned that a gulf is forming between corporates despite evidence of
a reduction in insolvencies.
Mike Jervis, partner in the Business Recovery Services practice at PwC, said:
‘While companies have so far avoided formal insolvency, less credit-worthy
corporates are finding it increasingly difficult to borrow at affordable rates
in the current climate. There is still uncertainty as to how many businesses
will fail as a result of the more restrictive credit environment.’
Jervis said that credit had been readily available to corporates until this
summer and the downward trend in corporate insolvencies was a reflection of
PwC also commented on the drop in personal insolvencies, warning that there
could be more to come.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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