Claims against insolvency practitioners — is there light at the end of the tunnel?
With business liquidations and administrations down in the first quarter (Q1) of 2013, what will be the likely effect on claims against insolvency practitioners?
The Insolvency Service recently reported that: company liquidations fell 5.3 per cent in Q1 in 2013 compared with Q4 in 2012 and 15.8 per cent year on year; businesses going into administration fell by 28.5 per cent compared with Q1 in 2012; and individual insolvencies were down by 12.9 per cent in Q1 in 2013 by reference to Q1 in 2012.
The Association of Business Recovery Professionals reports that growth remains hesitant, with businesses still facing significant issues. Fewer businesses were in distress in April 2013 (40 per cent) than in November 2012 (54 per cent). Some 32 per cent of businesses stated that the biggest problem they face is the rising cost of fuel and utilities, with 26 per cent complaining of reduced consumer spend, meaning that businesses are being pressed in terms of both their input and output…
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