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17/12/2009
New Year insolvency warning |
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Insolvency lawyers could be very busy in the new year as the retail sector faces a large number of struggling traders going to the wall, it has been predicted.
Midlands-based insolvency expert James Martin, who is the chairman of trade body R3 Midlands, told the Birmingham Post that over 80 per cent of members in his industry believe a fall in Christmas spending will cripple many retail firms.
He said: "The insolvency profession believes we are set for a repeat of last year’s clear-out on the high street", adding that "23 well-known retailers" are set to go, as creditors tend to act after Christmas.
Many are holding back until the new year in the hope that the firms involved see a boost in the festive season, Mr Martin explained.
Those facing insolvency may also include smaller traders who are themselves affected by the economic situation.
The most recent Insolvency Service figures showed that in the third quarter of this year, there were 4,716 liquidations, either compulsory or voluntary.
This was 4.7 per cent less than the second quarter but 14.6 per cent higher than the same period in 2008.
Written by Anthony Dyson
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