RSM Tenon predicts rise in corporate insolvencies

RSM Tenon predicts rise in corporate insolvencies

Top 10 firm estimates 11% increase in corporate insolvencies compared to same period in 2010

CORPORATE INSOLVENCIES are continuing to rise, according to RSM Tenon.

Ahead of government statistics released tomorrow, RSM Tenon predicts the third quarter of 2011 will show an 11% rise in corporate insolvencies compared to the same quarter in 2010.

The Top 10 firm expects Friday’s figures to reveal 5,500 businesses entered an insolvency procedure in July, August and September, a rise of 465 on the same period a year ago.

In the second quarter, corporate insolvencies dropped 6% compared to the same period in 2010. This included a drop in administrations but a rise in liquidations.

Carl Jackson, (pictured) head of corporate insolvency RSM Tenon, said: “After seeing year on year falls in corporate insolvencies in the past two quarters, the rise this quarter, against Q2 2011 as well as Q3 2010, clearly illustrates the difficulties businesses are facing from continued global economic turmoil.

“More than 17,500 businesses have failed to date in 2011, which is already around 25% more than in the whole of the pre-credit crunch levels in 2007.”

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource