New receiverships down 30% in August
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Your support makes all the difference.THE NUMBER of companies going into receivership or administration fell 30 per cent last month compared to a year ago, according to figures from Touche Ross, the accountants and management consultants, writes Roger Trapp.
The 327 appointments reported were also 31 per cent below those for July, when there were two multi-company group failures.
It was the seventh successive month in which there has been a significant decrease over the equivalent period last year. It has led Christopher Morris, insolvency partner with Touche Ross, to have 'very cautious optimism' that the trend will be maintained if lenders do not lose their nerve about the ability of businesses to survive the recession.
In the first eight months of this year there have been 3,519 receivership and administration appointments, down 9 per cent on last year. If this continues, Mr Morris said, there are likely to be about 5,200 appointments for the whole year, or 100 a week, compared with last year's 5,734.
On a regional basis, the Midlands' share of the total rose to 20 per cent from 15 per cent a year ago, while London and the South- east fell by 18 per cent. Scottish appointments were still 35 per cent above last year's figures, but were showing signs of falling.
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