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23/10/2009
Insolvency tipped to rise |
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A jump in insolvencies is likely to occur in the next year, according to corporate recovery specialists Begbies Traynor.
The firm said in a new report that the UK is likely to see a fresh jump in the number of companies going to the wall as part of a new economic downturn in a 'w-shaped' recession.
It also stated that the historical tendency after recessions is for the level of business failures to rise around a year to two years following the end of the economic contraction.
Begbies Traynor executive chairman Ric Traynor suggested: "The well-intentioned government efforts to prop up struggling companies may provide a necessary lifeline in the short term, but will ultimately prove futile in many cases."
Those who are facing the threat of their firm going under may wish to speak to an insolvency lawyer about what the best way forward is.
Figures released today by the Office for National Statistics revealed that the UK is still in recession, with a third quarter fall in gross domestic product of 0.4 per cent.
Written by Laurence Smith
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