 |
| LATEST LATEST LEGAL NEWS ARCHIVE |
LATEST NEWS & EVENTS Corporate insolvency rate increases  The UK corporate insolvency rate has risen significantly since last year, new figures show. Compulsory liquidations and creditors' voluntary liquidations in England and Wales totalled 4,242 during the third quarter of 2011, according to the Insolvency Service. This marked an increase of 0.1 per cent on the previous quarter and an increase of 6.5 per cent on the same period a year ago. In addition, there were 1,253 other corporate insolvencies in the third quarter of 2011, comprising 374 receiverships, 673 administrations and 206 company voluntary arrangements. These represented an increase of ten per cent on the same period a year ago, the Insolvency Service said. If follows warnings from the corporate insolvency body R3 that GDP figures mask the growing number of firms at risk of requiring an insolvency lawyer. Although official figures show the economy grew by 0.5 per cent in the third quarter, this is not the experience of businesses on the ground, the organisation's president Frances Coulson claimed. She explained: "While this might not be enough to push businesses over the edge, prolonged periods of distress will trigger an increase in formal insolvencies." Posted by Georgina Price 
Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News |
|||
| © 2012 Lamport Bassitt | DEFAULT ZOOM | DISABILITY INFORMATION | LEGAL INFORMATION |