Administrations in England and Wales soared by 22 per cent in Q1 2011, compared to the previous quarter.
The manufacturing sector was hit particularly hard, seeing administrations rise by a significant 45 per cent. The Insolvency Service released its official data today, which showed that the number of firms liquidated in the first three months of the year reached 4,121. While the first quarter of the year is traditionally one of the toughest for businesses, these numbers are higher than average, and highlight the fragility of the economic recovery. According to accountants Baker Tilly, companies that have used credit arrangements to continue to trade through 2010 are running out of time – and their performance is often not sufficient to continue to trade. State help isn’t likely either – HMRC is declining reapplications from companies that previously have entered into Time To Pay arrangements. (But note that HMRC will still consider first-time requests, subject to the meeting the right conditions.)
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.