Administrations have hit a four year low, according to Deloitte’s research.
The current six month period has the lowest amount of corporate insolvencies
than any six month period over the last four years.
Administrations are down 46% in the first quarter of this year compared with
a year ago, and fell 22% on the same period in 2008, Deloitte highlighted.
Lee Manning, reorganisation services partner at Deloitte, said: “The
magnitude of the decline in administrations is surprising.”
“Traditionally, the first quarter of the year sees an increase in the number
of companies falling into administration following the festive season. However,
this year we have not seen this and the trend suggests that we may well have
turned a corner.”
Manning added companies were not “out of the woods yet”. Following the
election there could be tax cuts and new legislation that could contribute
towards some companies entering administration.
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