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Administrations rise 10%

The number of businesses falling into administration has risen by 10% to 2,320 companies during the first nine months of 2009 compared to the same period in 2008, according to data released by business advisory firm Deloitte.

Administrations in the wholesale and distribution sector were hit the hardest, experiencing an increase in business failures of 38% in the first nine months of 2009 compared to the same period in 2008.

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

"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," said Lee Manning of Deloitte.

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Post Date: October 16th, 2009