The Department of Trade and Industry has forecast that the number of
bankruptcies will rise dramatically over the next three years to reach 28,000 a
quarter by March 2009.
It also warned that the problem would get even worse if there was a
recession, but denied the introduction of new laws like the Enterprise Act,
which make it possible to exit bankruptcy after just one year rather than three,
has encouraged more people to declare themselves insolvent.
Most prospective bankrupts, the report claimed, are not aware of the changes
to bankruptcy laws brought in by Act.
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