Thu, 14 Jan 2010 | ADMINISTRATION
The latest corporate insolvency figures from Tenon show that the number of UK companies entering administration has started to fall.
Corporate insolvencies were down 4.7 per cent compared to the previous quarter with 4,716 compulsory liquidations, reports the Insolvency Service.
However, the number of companies going into liquidation in the third quarter of 2009 was 14.6 per cent higher than in the same period in 2008.
The head of business consultancy at Tenon Recovery, Carl Jackson, said that low interest rates, the reduced rate of VAT at 15%, low inflation and the Inland Revenues "Time to Pay Scheme" have allowed some firms a bit of breathing space, but there is a feeling that these initiatives are simply delaying inevitable failure. Once these are withdrawn, there may well be a flurry of failures.
According to Tenon, the total number of business failures so far in 2009 is up by 28.8 per cent over 2008. The firm expects some 5,000 more businesses will go into liquidation or administration during November and December.
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