Member Article

UK corporate insolvencies falling

The number of corporate insolvencies during the first quarter of 2007 was 4,023, according to data released yesterday by the DTI Insolvency Service and analysed by PricewaterhouseCoopers LLP. This represents a decrease of 12% against the same quarter last year. Administrations also fell slightly with a drop of 7% when compared to the same quarter last year.

Sean Hamilton, director in the Newcastle Business Recovery Services practice at PricewaterhouseCoopers LLP, said: “Today’s numbers are good news for businesses of all sizes in the UK. The fall in corporate insolvencies is indicative of the many opportunities for re-financing that currently exist and the supportive stance being taken by lenders and creditors.

“In addition, management teams are being much more proactive in recognising the early warning signs of a company in distress and using appropriate procedures to remedy any problems. Recent examples such as Little Chef, Adams and Greeting Card Group show that using administration procedures at the right time can not only save a business, but also thousands of jobs.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .