England, Wales corporate insolvencies down 7.3 pct in 2007 vs 2006
LONDON (Thomson Financial) - Corporate insolvencies in England and Wales fell by 7.3 pct in 2007 compared with 2006, despite the effects of the credit crunch during the last few months of the year, figures from PricewaterhouseCoopers showed.
A total of 11,147 businesses across England and Wales entered into insolvency last year, against 12,031 in 2006.
Mike Jervis, partner in the Business Recovery Services practice at PricewaterhouseCoopers attributed the improvement to "the growing sophistication amongst management teams of distressed businesses and other stakeholders and the fact that techniques to avert insolvency are now very well developed".
"Businesses, banks and their advisers now have a track record of spotting problems early and acting quickly to put in place financial and operational restructurings," he said.
read more:England, Wales corporate insolvencies down 7.3 pct in 2007 vs 2006
LONDON (Thomson Financial) - Corporate insolvencies in England and Wales fell by 7.3 pct in 2007 compared with 2006, despite the effects of the credit crunch during the last few months of the year, figures from PricewaterhouseCoopers showed.
A total of 11,147 businesses across England and Wales entered into insolvency last year, against 12,031 in 2006.
Mike Jervis, partner in the Business Recovery Services practice at PricewaterhouseCoopers attributed the improvement to "the growing sophistication amongst management teams of distressed businesses and other stakeholders and the fact that techniques to avert insolvency are now very well developed".
"Businesses, banks and their advisers now have a track record of spotting problems early and acting quickly to put in place financial and operational restructurings," he said.
read more:England, Wales corporate insolvencies down 7.3 pct in 2007 vs 2006
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