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Administrations climb

Oct 16 2009

The number of companies falling into administration increased by 10 per cent to 2,320 companies during the first nine months of 2009, compared to the same period in 2008.

Aaccording to business advisory firm Deloitte,   administrations in the wholesale and distribution sector were hit the hardest, having seen an increase of 38 per cent in the first nine months of 2009 compared to the same period in 2008.

Lee Manning, reorganisation services partner at Deloitte, says: ‘In spite of talk of economic recovery, it is evident that the situation is far from rosy. These administration figures highlight what businesses are experiencing right here and now.’

However, the figures suggest a slow down in the pace of companies going into administration, with a 6 per cent fall in the number ceasing to trade in the third quarter compared with the second.

Business consultants Begbies Traynor, showed a sharp rise in retailers in serious financial distress, with 125 retail companies experiencing critical problems – up 37 per cent from August.

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