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13/10/2009
Insolvency levels 'remain high' |
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The level of insolvencies remains a high one, despite a recent drop-off in numbers, it has been argued.
Accountancy firm PricewaterhouseCoopers (PwC) has revealed that its figure for insolvencies in August totalled 1,384, the lowest total since September last year.
However, it noted that this is still an unusually high number of company losses.
Mike Jervis of PwC Business Recovery Services noted that there was a fall in insolvencies, but added that there could be an upsurge in the near future.
"If we look back at previous recessions, we can see that there is often a spike in the number of companies going bust as an economy recovers", noting that this is because some pay insufficient attention to cashflow issues.
The comments come as PwC publishes a survey of turnaround directors showing that 85 per cent believe the trading environment is getting better.
People with a struggling business who need help may wish to speak to an insolvency lawyer.
Figures from the Insolvency Service for the second quarter of this year revealed a 2.9 per cent rise in the number of firms liquidated in England and Wales since the first three months of the year, a total of 5,055.
Written by Anna Norton
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