The number of companies going into administration in England and Wales jumped
by more than one-fifth in the first three months of the year, while bankruptcies
soared by 25%, the latest government figures show.
In all, 858 companies entered administration in the period, according to
Insolvency Service
figures – the second-highest figure since 1998; 54% higher than the previous
quarter; and 22% higher than first three months of 2007, The Times
reports.
Experts said the trend would continue. Liz Bingham,
Ernst
& Young partner and head of restructuring, said the rise in corporate
insolvencies was the first sign of a trend which would accelerate in late 2008
and into 2009 ‘as the credit squeeze tightens its grip and constrains demand as
well as credit’.
Ken Baird, head of restructuring and insolvency, at the law firm Freshfields,
said: ‘The longer the credit crunch goes on, the harder it will be for many to
obtain new finance or renegotiate debts.’
Oldbury, United Kingdom | Sandwell Metropolitan Borough Council
Principal Assistant, Oldbury, £40,101 - £42,689 The importance of Financial accounting has never been greater at Sandwell and you will have a major role to play in this challenging environment. Responsible to the Corporate Finance ... more >
London, United Kingdom | The Airside Corporation Ltd
Accountant, London, £24K - £28K Accountant required in a busy W6 Facility Management Consulting Services company. Must be part qualified ACCA. Full knowledge of Sage Payroll, Sage Accounts and Sage Accounts production. Experience in Logistics ... more >
LBS Advisory Accountants HMRC has opportunities for Advisory Accountants to work within the Large Business Service in any of its offices: Birmingham, Bristol, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Newcastle, Nottingham and Reading. The ... more >
Technical Accountant, Reading, £34,793 - £42,791 pa pay award pending We are looking for a qualified Accountant in the Financial Accounting team, responsible for statutory/regulatory returns of all the University companies, and technical accounting advice. ... more >
More Jobs in Finance
RSS feeds