PRACTITIONERS are expecting the slow insolvency market to turn around in the next year, according to a survey at one of Europe’s largest insolvency conferences.
The insolvency market has been slow compared to previous downturns, with practitioners repeatedly predicting that the market will grow – only for it to reduce.
However, some insolvency practitioners remain hopeful that things will pick up, with a third expecting their workload to increase in the next 12 months and more than 60% expecting it to remain the same, a survey at last week’s Pinsent Masons conference revealed.
The majority expect the bulk of insolvencies to come from retail, with the North East and South East of England seeing the most company failures in the coming year.
Restructuring partner at Pinsent Masons Steven Cottee said: “It is interesting to see that insolvency practitioners are predicting the same or more work over the next 12 months at a time when we are actually seeing a fall in the number of formal insolvencies.
“It would appear that insolvency practitioners are taking a view that many of the zombie companies that have survived for so long will not be able to continue next year.
The conference was attended by 450 delegates and included practitioners from the top 20 firms.
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