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.”
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
Smith & Williamson has been appointed administrators of charity 4Children