England, Wales 3Q Company Liquidations Fall

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England, Wales 3Q Company Liquidations Fall

Submitted by editor on Fri, 11/06/2009 - 10:45

The number of company liquidations in England and Wales in the third quarter of 2009 fell 4.7% on the previous quarter - the first time the rate has fallen this year and possibly a sign that the impact the economic crisis has had on U.K. companies is starting to abate, Dow Jones reported. However, the 4,716 compulsory company liquidations in the third quarter, adjusted on a seasonal basis, still represents an increase of 14.6% on the same period a year earlier, data from the government's Insolvency Service showed Friday. Liz Bingham, U.K. and Ireland head of restructuring at Ernst & Young, said low interest rates and a recuperating economy had helped to lower the rate of corporate insolvency in the third quarter of 2009. Other industry experts cautioned that the drop could be temporary. “Businesses that have teetered on the edge all year are in danger of toppling over," said Andrew MacCallum, managing director at restructuring and turnaround firm Alvarez & Marsal. "Many are still struggling to pay down debt and will not be granted extensions forever. Prematurely-confident companies will restock too quickly and will be left high and dry as demand fails to materialise.” Read more. (Subscription required.)

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England, Wales 3Q Company Liquidations Fall

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