Thu, 03 Nov 2011 | BUSINESS NEWS
RSM Tenon has predicted that a report due to be released tomorrow will reveal that the corporate insolvency figures for the third quarter of 2011 has increased by 11 per cent on last year’s figure. This equates to another six businesses having failed every working day during the last quarter.
It is thought that the new figure will reveal an additional 465 businesses have entered administration in July, August and September this year, taking the total to 5,500.
The increases in insolvency has affected most business sectors, with business services up 20 per cent to 1,435; retail increased by 19 per cent to 345; and hospitality and tourism also suffering an increase of 14 per cent to 428. The communications industry has managed to escape this trend with an 18 per cent decrease in insolvencies to 63.
Across the UK, Wales and East Anglia fared the worst with 40 per cent and 34 per cent increases in company insolvencies.
“After seeing year on year falls in corporate insolvencies in the last two quarters” Carl Jackson, the head of Corporate Insolvency at RSM Tenon commented, “the rise this quarter, against Q2 2011 as well as Q3 2010, clearly illustrates the difficulties businesses are facing from the continued global economic turmoil.”
“More than 17,500 businesses have failed to date in 2011, which is already around 25% more than in the whole of the pre-credit crunch levels in 2007.”
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