KPMG has warned that a record 120,000
people in the UK will file for insolvency during 2007.
The firm made this predicted following official figures which showed a 28%
rise in the second quarter and following the
Insolvency Service reporting that
113,439 people filed for protection in the three months to July.
This was down 8% on the first quarter but substantially up on 2006.
The figures also showed that
Agreements (IVAs), which allow debtors to write off part of their debt and
which have risen sharply in recent years, fell 15% over the quarter.
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