| Industry News |
|
| News » Employment Law » Insolvency figures 'highest for 5 years' |
|
10/11/2008
Insolvency figures 'highest for 5 years' |
|
The number of insolvencies has hit the highest level for five years, according to new figures.
Business insolvencies during the third quarter of 2008 have climbed by 10.5 per cent compared to the previous quarter, The Insolvency Service has revealed.
During the third quarter of 2008, there were over 4,000 compulsory liquidations and creditor's voluntary liquidations in England and Wales, which represents the highest level recorded in a single quarter for the last five years.
Andy Davies, a spokesperson for IVA.co.uk, suggests that anyone who goes into personal debt must take a proportion of the responsibility but feels that "banks have got to take some of the blame".
According to a recent survey of accountants by Venture Finance, 69 per cent said they believe small and medium enterprises insolvencies are the result of a business' inability to handle its own finances, while 17 per cent have placed the blame on the issuance of bad debt. |
| |
| Related Articles |
12/01/2010
Firm faces discrimination claims over redundancies
Fujitsu is facing claims that its redundancy policy has deliberately targeted people from minority groups.
|
12/01/2010
Retirement age law change planned
The current compulsory retirement age of 65 should be abolished, according to a senior member of the government.
|
07/01/2010
Employees 'should be treated reasonably' in snow
Employees have a right to be treated reasonably by their bosses as the winter weather hits Britain, the Chartered Institute of Chartered Institute of Personnel and Development (CIPD) has said.
|
05/01/2010
Taxi firm caught out over equal pay
A taxi firm has lost a legal case for sex discrimination after paying a female employee, whose husband also worked for the company.
|
05/01/2010
Action urged on age discrimination
More action is needed to ensure age discrimination legislation is enforced, it has been argued.
|
News Archive