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LATEST NEWS & EVENTS R3: Insolvency deals doubled over last year  The number of acquisitions of insolvent firms in the UK doubled over the course of last year, it has been claimed. According to R3 - which is a professional association for insolvency, business recovery and turnaround specialists - during the last quarter of 2009, one in nine of all deals involved companies acquired out of administration or other formal insolvency procedures. Over the course of the 12-month period as a whole, there were 345 purchases of distressed enterprises, which represented one in every eight mergers and acquisitions. This compared with 159 during the previous year, R3 claimed. President of the organisation Peter Sargent said: "While pre-pack administrations may account for some of these deals, others will be acquisitions by canny buyers taking the opportunity to pick up bargains while values are low." He went on to say that, either way, the figures represent businesses being provided with a second chance of survival. Rick Munro, head of corporate recovery and insolvency at Lamport Bassitt, commented: "These figures are likely to rise during 2010. As the economy comes out of recession, government finance is likely to be withdrawn and HM Revenue & Customs less likely to allow businesses as much time to pay their taxes. "This may well lead to still more opportunities for those looking to acquire businesses at good prices." 
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