The number of companies going bust went up by 10% during the first nine
months of 2009 compared to the same period in 2008.
2320 companies fell into administration in the period compared with 2109
companies in 2008, Deloitte found.
The figures may make grim reading at first glance, but this represents a
slowdown in the pace of business failures.
Lee Manning, reorganisation services partner at Deloitte said: “The number of
companies falling into administration is still rising: although, if we are to
look at our analysis of the first half of the year, which saw administrations
increase by 18%, the pace appears to be decelerating as we move further into
Q3 2009 saw 666 companies go into administration, down 6% compared with Q3
2008, which saw 707 companies collapse.
However Manning said the findings should not be taken as a sign that the
recession had truly lifted.
“In spite of talk of economic recovery, it is evident that the situation is
far from rosy. These administration figures highlight what businesses are
experiencing right here and now.”
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