Fall recorded in UK insolvencies
Commercial insurance
12th August 2009
The number of companies in England and Wales finding themselves in financial difficulty dropped to 1,027 firms placed into administration during the first three months of the year.
During the second quarter of 2009, the total fell from 1,311 enterprises, although the figure was nine per cent higher than the same period of last year.
Liability insurance customers may be interested to note that the level of compulsory and voluntary liquidations rose by 39.1 per cent year-on-year during the second quarter to 5,055 and by 2.9 per cent over the previous three months.
Over the period in question, 1,027 firms entered administration, 345 went into receivership and 157 reached a company voluntary arrangement.
Commenting on the latest data from the Insolvency Service, David Dunckley of Grant Thornton's recovery and reorganisation practice suggested that the level of business failures appears "to be reaching a plateau", although he forecast that further collapses would be seen "into 2010 and beyond".
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