Corporate administrations are down 36% for the first nine months of 2010
compared to the same period last year according to Deloitte. The figure is a 20%
drop on the same period in 2006, a year before the financial downturn began.
There have been 1,648 administrations this year compared with 2,589 for the
same period in 2009, the report said.
Lee Manning, reorganisation services partner at Deloitte, said: “For the
first time since the financial crisis began, we’re beginning to see a consistent
drop in the numbers of companies hitting the wall. This can only be a good
The retail sector saw the most pronounced reduction in administrations as
company collapses fell 50% for the first nine months of this year, compared with
the same period in 2009.
“Certainly the raft of retail administrations we saw at the end of 2008 and
beginning of 2009 sorted the weaker businesses from their more viable
competitors,” said Manning.
However, he warned with the upcoming VAT rise, impact of higher income taxes
and national insurance, it would not be surprising if the country saw more ”
retail casualties” in the future.
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